48 graduates of EDA’s Cannabis Technical Assistance Program could earn up to $150K in grants
New Jersey Awards $150K Grants to Cannabis Entrepreneurs to Boost Inclusive Industry.
The New Jersey Economic Development Authority awarded potential grants of up to $150,000 to 48 recipients after they graduated from a rigorous nine-week Cannabis Technical Assistance Program.
The Seed Equity Grant Program provided targeted education and training to help the entrepreneurs advance their businesses in New Jersey’s growing cannabis industry.
In addition to receiving $150,000 grants, which will be disbursed after meeting specific benchmarks, the awardees gained valuable technical assistance to support their entrepreneurial endeavors.
EDA CEO Tim Sullivan said the program could have great impact.
“Under Gov. Phil Murphy’s leadership, New Jersey is creating a strong, equitable and inclusive cannabis industry that will create jobs and revitalize communities,” he said.
“For too long, the War on Drugs has disproportionately impacted communities of color. The Seed Equity Grant was designed to support diverse cannabis entrepreneurs who have been harmed by years of unjust policies and help unlock access to the cannabis market to ensure they reap the industry’s economic benefits. I congratulate the graduates and look forward to their success in New Jersey’s cannabis industry.”
The Seed Equity Grant Program and the CTAP are part of Phase II of the Cannabis Equity Grant Program, which the NJEDA board approved in 2022.
All of the funding for Phase II was awarded to qualifying social equity applicants as designated by the New Jersey Cannabis Regulatory Commission, including those who live in economically disadvantaged areas or have cannabis-related convictions. The combination of training, education and financial support further catalyzes investments in historically underserved communities and those most affected by the War on Drugs.
The EDA selected Oaksterdam University, a pioneering institution in cannabis entrepreneurship, to develop and administer the customized Cannabis Technical Assistance Program.
The CTAP delivered curriculum on converting a conditional license to an annual license, building a cannabis business team, financial management, securing investors, supply chain management and more. The program included in-person workshops, interactive virtual classes, online learning modules, individualized coaching and networking opportunities.
