A new wave of entrepreneurial talent is set to transform New Jersey’s cannabis industry as 48 recipients of the New Jersey Economic Development Authority’s (NJEDA) Seed Equity Grant Program graduated from a nine-week Cannabis Technical Assistance Program (CTAP). The celebration was held at Hub 13 in Trenton last month. This program provided targeted education and training to help 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.
“Under Governor Phil Murphy’s leadership, New Jersey is creating a strong, equitable, and inclusive cannabis industry that will create jobs and revitalize communities,” said NJEDA Chief Executive Officer Tim Sullivan. “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 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.
“We are immensely proud to see NJEDA’s Seed Equity Grant recipients graduating from the Cannabis Technical Assistance Program. Congratulations to the graduates; we look forward to your continued success and positive impact in the cannabis industry,” said Wesley McWhite III, Director of Diversity & Inclusion at the New Jersey Cannabis Regulatory Commission.
“It was an honor to attend and speak to the graduates of the New Jersey Economic Development Authority’s Cannabis Seed Equity Grant Program,” said State Senator Troy Singleton. “This program helps support new businesses in this industry by assisting with their operational and start-up costs. This Seed Equity will literally set these entrepreneurs up for success and I was proud to celebrate and acknowledge their efforts.”
The NJEDA selected Oaksterdam University, a pioneering institution in cannabis entrepreneurship, to develop and administer the customized 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, among other topics. The program included in-person workshops, interactive virtual classes, online learning modules, individualized coaching sessions, and networking opportunities.
“Oaksterdam crafted an intensive Technical Assistance Program for the NJEDA with local and national experts to help mitigate risks for long-term sustainability,” said Dale Sky Jones, Executive Chancellor of Oaksterdam University. “These small business owners are tenacious and will become the backbone of New Jersey’s industry.”
“This program really is monumental and meaningful for me,” said Tahir Johnson, grant recipient and owner of Simply Pure located in Trenton. “For me [and] being a recipient of this grant from NJEDA makes such a big difference...literally this money is coming right at the time when I need it most...this money from NJEDA is going be what gets me over the finish line.”
