New Jersey Pilot Program Offering $15M to Support Cannabis Operators

The New Jersey Economic Development Authority (NJEDA) Board has approved a $15 million pilot program designed to bridge capital gaps for adult-use cannabis cultivators, manufacturers, and testing laboratories.

The program, dubbed NJ LEAF, aims to provide eligible applicants with grants ranging from $100,000 to a maximum of $1.5 million to help the businesses grow and stabilize their operations.

NJEDA Chief Executive Officer Tim Sullivan said the program, “will ensure companies that are cut off from traditional financial resources have access to the capital needed to succeed, helping to create jobs, strengthen communities, and solidify New Jersey’s long-term growth as a national leader in the cannabis market.”

“NJ LEAF will build upon the NJEDA’s already successful efforts to support the state’s burgeoning cannabis industry. New Jersey’s continued investment into this strategic sector is unlocking much-needed resources for diverse entrepreneurs, helping create jobs and strengthen communities.” — NJEDA Chief Community Development Officer Tai Cooper, in a press release

Eligible businesses must hold a valid cannabis business license issued by the New Jersey Cannabis Regulatory Commission (NJCRC). The businesses must also be located in New Jersey, have fewer than 250 full-time employees, have less than $5 million in annual gross revenues, and they must have been in operation for at least one year.

New Jersey’s cannabis legalization law took effect in 2021.

Meanwhile, last month, two cannabis consumption lounges opened for business in Atlantic City.