The New Jersey Economic Development Authority (NJEDA) recently announced the Cannabis Business Development Grant Program, a pilot initiative providing reimbursements of up to $75,000 for qualifying expenses incurred by licensed cannabis businesses. Eligible applicants include holders of annual licenses for Class 1 Retailer, Class 2 Manufacturer, Class 5 Cultivator, and Class 7 Testing Laboratory, provided they are in good standing with state agencies and can demonstrate at least $75,000 in eligible expenses within the past 36 months. Covered expenses include payroll, training, professional services, rent, and marketing, while construction, large equipment purchases, and inventory are excluded.
Applications will be accepted online on a rolling basis and reviewed in the order received, with a non-refundable $750 fee required at submission. The program reflects the state’s effort to promote equity in the cannabis industry by supporting smaller operators facing significant financial and regulatory barriers to entry.
If you have any questions about cannabis laws and regulations in New Jersey, contact Justin Calta or Michael Grohs of Saiber LLC’s Cannabis Law practice.
Saiber LLC is a business counseling and litigation law firm headquartered in Florham Park, with offices in Newark, New York, Philadelphia, and Scranton. For over 70 years, the firm has built a reputation for delivering innovative, creative, and cost effective solutions for a full-range of business and litigation matters. The firm represents a broad spectrum of clients, including closely-held businesses, multinational corporations, public and private universities, and government agencies. To learn more, please visit http://www.saiber.com.