The first phase of the $10 million Cannabis Equity Grant Program, which provides eligible startups with grants of up to $250,000, was opened Thursday by the New Jersey Economic Development Authority.

The NJEDA opened the grant applications in honor of 4/20 and National Cannabis Awareness Month. The CEGP supports recreational cannabis businesses and startups by ensuring the communities that were most adversely affected by the war on drugs have equitable access to the industry. The phase one Joint Ventures Grant has reserved 40% of the funding for applicants with previous cannabis convictions or those living in economically disadvantaged areas. An additional 5% is reserved for businesses located in impact zones based on a variety of socioeconomic factors.

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