New Jersey is taking bold steps to foster both cannabis equity and community revitalization through a series of grant programs and initiatives, all under the guidance of the New Jersey Economic Development Authority or EDA. At the heart of these efforts is Ty Cooper, Chief Community Development Officer at the EDA, who recently shared updates on the state's progress and vision during a televised interview.
Cooper emphasized that despite lingering stigma around cannabis — particularly in communities of color — the industry presents an opportunity for economic growth, healing, and reinvestment. “There was a stigma against cannabis, but it also presents great potential for medicinal use and community benefit,” Cooper said.
Under Governor Murphy’s leadership, New Jersey has become a national leader in creating access to capital for cannabis entrepreneurs, especially those from historically disadvantaged backgrounds. The EDA launched two signature grant programs: Joint Ventures and Seed Equity. Joint Ventures provided grants of up to $250,000 to established cannabis businesses ready to launch, while Seed Equity focused on social equity candidates — individuals affected by past drug policies — offering $150,000 in funding.
To date, 48 businesses have received Joint Ventures grants, and 26 are expected to be operating by the end of the year. Nine social equity recipients are also expected to open. Importantly, these are grants, not loans — helping reduce financial barriers for small business owners without burdening them with debt.
Cooper also addressed why Black and brown entrepreneurs often face more difficulty entering the cannabis industry: a mix of systemic barriers, funding challenges, and the lingering impact of the War on Drugs. The goal of EDA is to reverse that narrative by investing directly into these communities and making ownership more accessible.
Beyond cannabis, the EDA is spearheading the ART (Activation, Revitalization, Transformation) Grant Program, a $37 million initiative to support arts and culture as tools for economic development. Phase one focused on Newark and Atlantic City, with grants for transforming blighted properties and creating public art installations.
Finally, Cooper highlighted a “place-based and people-centered” development philosophy. That means putting community needs first — not just with funding, but through hands-on support, technical assistance, and long-term planning.
Whether through cannabis equity, artistic revitalization, or small business support, New Jersey’s EDA is actively working to build a more inclusive, vibrant, and economically strong future for all residents.