TAIWAN (October 24,2023) – New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan and representatives of the New Jersey Department of Education (NJDOE) and the New Jersey Department of Banking and Insurance (NJDOBI) finalized three memoranda of understanding (MOU) with Taiwan to collaborate on economic and educational initiatives. During an event at Taiwan’s Ministry of Foreign Affairs, attended by New Jersey Governor Phil Murphy, New Jersey First Lady Tammy Murphy, and representatives from New Jersey and Taiwan, leaders acknowledged the importance of international cooperation in bolstering two-way economic investment, academic exchanges, and the security of confidential financial information. 

“The agreements signed at the event highlights the importance of working with partners around the world to form a stronger and fairer economy and create a better future for our children,” said Governor Murphy. “We can learn invaluable lessons through our partnership with Taiwan, and we hope that the agreements signed today will be beneficial to the strength of both New Jersey and Taiwan.”

The first MOU, signed by the NJEDA and Taiwan’s Ministry of Economic Affairs, encourages partnerships between the two entities to facilitate two-way trade, investment expansion, and economic cooperation. The agreement calls for New Jersey and Taiwan to exchange information on trade, industry, and investment; to assist in briefings, connections, and general introductions to each other’s business environment; and to work together to explore partnerships in innovative industries and strategic sectors of the economy.

“New Jersey and Taiwan have enjoyed strong bilateral economic cooperation, both recognized as centers of innovation and excellent locations to start and grow businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “The agreement will ensure that trade and investment opportunities will continue to flow between both entities, creating a stronger economic partnership. Collaboration between Taiwan and New Jersey will create a business environment filled with opportunities and innovative ideas.”

“Taiwan continues to work with the U.S. under the Technology Trade and Investment Collaboration (TTIC) Framework, a platform for Taiwan to enhance economic relationships with U.S. state governments and business communities,” said Mr. Chern-Chyi “C.C.” Chen, Deputy Minister for Economic Affairs. “By signing this agreement, we jointly demonstrate the strong willingness to engage in supply chain collaboration. We are picturing that Taiwan and New Jersey work with each other to form reliable and vibrant supply chains.”

The second MOU, signed by the NJDOE and Taiwan’s Department of International and Cross-Strait Education of the Ministry of Education, calls for joint action between New Jersey and Taiwan to promote projects and academic exchanges between educators and educational institutions to encourage joint efforts in language and science, technology, engineering, and math (STEM) education fields. Both parties will form aworking group, which will meet at least once a year, and create work plans to coordinate efforts in pursuit of the memorandum’s goals.

“The signing of this Memorandum between the Ministry of Education in Taiwan and the New Jersey Department of Education marks a significant step for international collaboration in education,” said Dr. Angelica Allen-McMillan, Acting Commissioner of Education. “This partnership will open doors for cultural exchange and educational advancement, enhancing the learning experiences for our students in New Jersey and fostering global cooperation in the field of education.”

The final MOU, signed by the NJDOBI and the Financial Supervisory Commission of Taiwan, aims to strengthen the exchange of confidential financial information between New Jersey and Taiwan, leading to more secure financial transactions and investment. As the primary state agency responsible for the regulation of banking, insurance, and real estate industries, NJDOBI’s collaboration agreement with Taiwan’s principal fiscal regulator will ensure that investment and business opportunities are safer and stronger.

“International cooperation between regulators is vitally important to protect consumers and promote the stability of multinational financial institutions. The New Jersey Department of Banking and Insurance and the Financial Supervisory Commission of Taiwan share these mutual goals and the information sharing that will result from this MOU will further our ability to meet those objectives,” said Acting Department of Banking and Insurance Commissioner Justin Zimmerman. “The department looks forward to collaborating with the commission to strengthen our regulated industries and protect our residents.”

“Taiwan and the United States have close financial supervisory ties. The MOU includes provisions governing information sharing and confidentiality that both parties will abide by in fulfilling their respective supervisory responsibilities,” said Mr. Joe Lai, Direct General of the Department of International Affairs of the Financial Supervisory Commission. “The MOU will enhance the sharing of financial supervision-related information and exchange of experience between the Financial Supervisory Commission and the New Jersey Department of Banking and Insurance.”

The event in Taiwan was part of Choose New Jersey’s economic mission to East Asia, led by Governor Murphy. The mission seeks to bolster bilateral ties between New Jersey and several Asian countries, fostering opportunities and partnerships.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

SEOUL, SOUTH KOREA (October 18, 2023) — New Jersey First Lady Tammy Murphy and New Jersey Economic Development Authority (NJEDA) Chief Executive Officer Tim Sullivan today visited the Maternal and Child Health Promotion Center within the Yangcheon-gu Public Health Center, in Seoul, South Korea. The Maternal and Child Health Promotion Center is a space for pregnant women and children in Yangcheon-gu that provides systematic health management services and various educational programs related to pregnancy, childbirth, and childcare. Yangcheon is a “gu”, or district, of Seoul, South Korea, located on the southwest side of the Han River.

Today’s visit included the signing of a Memorandum of Understanding (MOU) between the NJEDA and the Maternal and Child Health Promotion Center, which establishes collaboration through sharing of clinical work and best practices that will advance both parties’ mission to establish leadership in infant and maternal healthcare and accelerate efforts to support positive health outcomes for mothers and infants.

As part of First Lady Murphy’s Nurture NJ initiative, the First Lady and members of a New Jersey delegation to South Korea visited the Maternal and Child Health Promotion Center to gather information as New Jersey works to launch a Maternal and Infant Health Innovation Center in Trenton. The Center is a key initiative under First Lady Murphy’s Nurture NJ Maternal and Infant Health Strategic Plan, which aims to make New Jersey the safest and most equitable state in the United States to deliver and raise a baby.

“We are grateful for today’s warm reception from Jaehun Jung and the team at Yangcheon-gu Maternal and Child Health Promotion Center. Nurture NJ aligns closely with the Center’s vision of providing exemplary health care during pregnancy, childbirth, and beyond. We are taking many important lessons away from today’s visit, which will fuel our work to develop our Maternal and Infant Health Innovation Center in Trenton. Likewise, we hope the staff of the Center can benefit from our experience in this critical healthcare specialty,” said First Lady Murphy. “The MOU signed today cements this valuable partnership, which will advance our common work and keep us both on the cutting edge of maternal health. We are delighted to establish a lasting and fruitful relationship with the Yangcheon-gu Maternal and Child Health Promotion Center, and look forward to ongoing sharing of best practices and championing of each other’s work.”

“First Lady Murphy’s commitment to launch a Maternal and Infant Health Innovation Center in Trenton as part of the Nurture NJ initiative is lifesaving news for New Jersey mothers and their babies,” said Jaehun Jung, Head of Yangcheon-gu Public Health Center. “Partnerships are crucial to successful outcomes in this critical aspect of healthcare, where so much is at stake. Working together is essential to delivering the highest standard of healthcare to improve maternal and infant health outcomes globally. The Yangcheon Center’s success to date has resulted from a deep understanding of needs, objective assessment of programs, and partnerships based on a shared vision for the highest level of care for vulnerable patients.”

“Governor Phil Murphy and First Lady Murphy recognize that optimal quality of infant and maternal healthcare should not be a privilege but a basic human right as part of an inclusive and equitable economy. Today’s visit and resulting MOU represent the openness of the Nurture NJ team to gathering best practices from highly-respected international healthcare entities and sharing our findings freely with them,” said Sullivan. “Under Governor Murphy’s leadership, New Jersey is investing in research, innovation, and community revitalization efforts that will help to eradicate the shameful racial disparities currently present in maternal and infant health outcomes.”

New Jersey ranks 29th in the nation for maternal deaths and has one of the widest racial disparities for both maternal and infant mortality. A Black mother in New Jersey is nearly seven times more likely than a white mother to die from maternity-related complications, and a Black baby is over three times more likely than a white baby to die before his or her first birthday.

In 2019, First Lady Murphy launched Nurture NJ in response to New Jersey’s need to improve access to care for expectant mothers and babies, with a commitment to both reducing maternal and infant mortality and morbidity and ensuring equitable care among women and children of all races and ethnicities. This awareness campaign focuses on improving collaboration and programming between all departments, agencies, and stakeholders to make New Jersey the safest and most equitable place in the United States to give birth and raise a baby.

Today’s event was part of Choose New Jersey’s economic mission to East Asia, led by Governor Murphy. The mission seeks to bolster bilateral ties between New Jersey and several Asian countries, fostering opportunities and partnerships.

Aspire awards will support affordable senior housing in Essex & Gloucester counties

TRENTON, N.J. (October 13, 2023) – The New Jersey Economic Development Authority (NJEDA) Board yesterday approved two additional senior residential development projects for Aspire awards. The two projects, one located in Newark, and the other in Washington Township, will include 164 housing units for seniors, all of which will be affordable.

To date, the Board has now approved a total of $294 million in Aspire awards for residential projects, leading to the creation and preservation of over 1,500 housing units, nearly 70 percent of which will be affordable. With the development projects that were approved yesterday, a total of four senior residential developments, all 100 percent affordable, have been approved for Aspire awards. Both projects are also benefitting from financing provided by the New Jersey Housing and Mortgage Finance Agency’s Low Income Housing Tax Credit program.

“The Aspire Program continues to support affordable residential development for seniors and hardworking families across New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “Today’s approvals are fulfilling Governor Phil Murphy’s goal to ensure New Jersey’s seniors have access to safe and affordable housing options. Through the Aspire Program, the NJEDA will continue investing in communities, supporting families and seniors, and creating a stronger, fairer New Jersey.”

Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. All residential Aspire projects must include at least 20 percent affordable housing. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.

The development project in Newark, known as Forest Hill House, consists of the acquisition and rehabilitation of an existing senior apartment building and was approved for over $8.18 million in Aspire tax credits. The 10-story building located at 505 Mt. Prospect Avenue, consists of 100 housing units, including studios and one-bedroom units, as well as multiple common spaces and 25 parking spaces.

Forest Hill House has served as a senior residential building since it was built in 1977. The lead developer, Tredway Group LLC, will oversee a large-scale overhaul of the building, including heating system, roof, and window replacements and security system, kitchen, and bathroom upgrades. The rehabilitation will also include a transition to energy efficient lighting and appliances and upgrades to make the building more accessible for handicap residents.

A new affordable senior housing development project in Washington Township, Gloucester County was approved for over $12 million in Aspire tax credits. The new construction, three-story building, which will be built on a vacant lot at 4500 Black Horse Pike, will offer 64 one- and two-bedroom units. The building will also offer a community room with a kitchen, a fitness room, and a laundry room, as well as 99 parking spaces for residents. Ingerman Development Company LLC is the lead developer for the project.

In line with Governor Murphy and the NJEDA’s commitment to fiscal responsibility and transparency, the Aspire program rules include provisions, such as a gap financing review and excess revenue sharing requirements, to ensure tax credits are awarded responsibly.

The Aspire program application, as well as complete rules, eligibility requirements, award sizes, and other information can be found here.

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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First Complete Cycle of Investment Under Novel State Program Benefits Newark Provider of HR Gaming Platform

TRENTON, N.J. (October 12, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved the first investment in an emerging New Jersey company from the New Jersey Innovation Evergreen Fund (NJIEF). The investment into Newark-based 1Huddle, Inc. is the result of approval of an application submitted by EMERGING Fund Management LLC for an initial Qualified Investment amount of up to $500,000.

“The NJIEF is unique to New Jersey because of its self-sustaining model, designed to create a continuous loop of investment and mentorship,” said New Jersey Governor Phil Murphy. “The achievement of this first cycle of investment is something to celebrate, as it validates the program’s ability to fuel the next generation of innovative New Jersey businesses.”

The NJIEF, launched in 2022, is a groundbreaking tool to increase access to strategic resources and venture capital in New Jersey. Under the NJIEF, the State acts as an equity investor in startups, deploying up to $600 million into companies alongside professional venture capital groups. The Evergreen Fund currently has $46 million available and is expected to use this to fund initial investments into six to ten high-growth businesses in New Jersey. The NJEDA expects to conduct another tax credit auction in 2024 to raise additional capital for further investment.

“Today’s inaugural investment approval under the NJIEF is a milestone moment for the program and for the State’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “The NJIEF is the embodiment of Governor Phil Murphy’s commitment to the next generation of New Jersey innovators so they can become tomorrow’s job creators. The program achieves all this by engaging the state’s iconic industry leaders in a way that catalyzes investment, and fosters knowledge sharing, mentorship, and networking opportunities.”

“This initial investment in 1Huddle is an exciting day for our state and will provide a window into how this new partnership program will advance New Jersey’s leadership role in growing the companies of the future,” said New Jersey State Senator Andrew Zwicker. “New Jersey has long served as the birthplace for inventions that changed our world – from Thomas Edison and the development of the lightbulb to Beatrice Hicks and the creation of a switch critical to landing astronauts on the moon. I look forward to seeing the next step for 1Huddle and future companies approved under the Innovation Evergreen Fund.”

1Huddle is a future of work platform that uses quick-burst mobile games to more effectively onboard, upskill and fire up workers. The company previously received support from the New Jersey Commission on Science, Innovation and Technology’s Small Business Innovation Research Matching Grant Program. 1Hudlle has also received previous funding from New Jersey-based Newark Venture Partners. As part of this financing round by Emerging Fund Management more fresh capital comes into the state to alongside Newark Venture partners.  The gaming company is an excellent example of capitalizing on the support available to emerging innovation businesses in New Jersey.

“We are honored and excited to receive the first investment from the New Jersey Innovation Evergreen Fund. The program is proof of the State’s commitment to fostering innovation and supporting startups making a real impact,” said 1Huddle Founder and CEO Sam Caucci. “This investment will allow 1Huddle to continue to accelerate our growth path – strengthening our workforce, advancing our technology, and uplifting workers across the globe. And, we’re proud to do it all here in New Jersey.”

EMERGING Fund is one of 10 Qualified Venture Firms (QVF) approved to date to access up to $12.5 million annually per investor from the NJIEF to co-invest in innovative, high-growth New Jersey-based businesses. It is one of the first growth equity funds to focus on the intersection between technology and the restaurant space (“ResTech”) and restaurant and entertainment concepts. Emerging Fund provides capital, strategic support, and industry expertise to innovative companies within the sector.

“We are excited to see 1huddle as the first NJDEA approved investment,” said Mathew Focht, General Partner, EMERGING Fund. “This investment will support EMERGING and 1Huddle, as we deliver solutions on improving effectiveness in restaurant workforce training and empowering the hospitality worker.”    

“Approval of EMERGING Fund’s investment in 1Huddle affirms that the NJIEF is doing what it was designed to do – create a sustainable cycle of investment that capitalizes on the strengths of mature, successful New Jersey companies to cultivate the next crop of groundbreaking innovations and industry-leading companies,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The NJIEF is helping us to achieve that vision and we look forward to seeing many more up and coming New Jersey businesses benefit.” 

Applications for venture firms seeking to qualify as a QVF can be found here and are being accepted on a rolling basis. The ten firms approved to date represent diversity in terms of investment strategy, industry, and stage. Additionally, there continues to be strong momentum from interested managers. The roster of the current approved ten managers can be found here.   

Applications for approved QVFs to apply for Qualified Investments into high-growth, innovative businesses based in New Jersey are also now open. The total unallocated capital available for new investments stands at over $46 million. 

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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$24 Million Pilot Program will Provide Grant Funding to Facilitate Future Redevelopment Projects

TRENTON, N.J. (October 12, 2023) – The New Jersey Economic Development Authority (NJEDA) Board today approved the creation of the Local Property Acquisition Grant Program. The pilot program will provide grants to governmental or not-for-profit local economic and community development entities for the acquisition of vacant properties to facilitate future redevelopment projects. Of the $24 million in funding available, approximately $3 million will support acquisitions for strategic public use projects, including public plazas, parks, and walkways, and the remainder of program funding will support acquisitions for future development projects, including commercial or mixed-use developments and research or laboratory spaces.

“The redevelopment of vacant or underutilized properties is essential to enhancing the economic future of New Jersey’s communities and will provide much-needed jobs to local residents and tax revenue to municipalities,” said NJEDA Chief Executive Officer Tim Sullivan. “The Local Property Acquisition Grant Program will support local economic development strategies across the state by turning unused real estate assets into thriving commercial properties and community gathering places.”

Maximum grant thresholds are $1 million for strategic public use developments and $4 million for future development projects. The minimum grant request for each product is $50,000. Grant funding for the program will be subject to a competitive application process expected to open in early 2024. After eligibility review and scoring, recommended applications will be sent to the NJEDA Board for final approval. For more information on the program, including application requirements, scoring parameters, and a full list of eligible projects, visit https://www.njeda.gov/local-property-acquisition-grant-program/.

The $24 million pilot program is funded from $70 million established for real estate project funding in the Fiscal Year 2023 Appropriations Act. The Act allocates significant funding for numerous strategic economic development investments to support key industries, advance the innovation economy, continue to bolster economic recovery following the COVID-19 pandemic, and spur statewide growth.  

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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Please be advised that the next Capital City Redevelopment Corporation Board Meeting will be held in person and via teleconference on Tuesday, October 17, 2023, at 11:00 am. 

Members of the public who wish to speak during the public comment segment of the meeting, pertaining to agenda items, may attend in person or call into the meeting by using the conference number, and are encouraged to call in prior to the meeting start time to avoid any delays.

IN PERSON:

NJEDA Board Room

36 West State Street, Trenton, NJ 08625

TELECONFERENCE:

CONFERENCE NAME:                                CCRC BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              551-220-2262

PARTICIPANT ACCESS CODE:                    150 501 087#

The agenda can be found 48 hours prior to the meeting at our website: www.njeda.gov/ccrc.

The New Jersey Economic Development Authority’s next public Board Meeting will be held in person and via teleconference on Thursday, October 12, 2023, at 10:00 am.

IN PERSON:

NJEDA Newark Office

One Gateway Center

11-43 Raymond Plaza West, Newark, NJ 07102

TELECONFERENCE:

CONFERENCE NAME:                                NJEDA BOARD MEETING

PARTICIPANT DIAL-IN NUMBER:              877-692-8955

PARTICIPANT ACCESS CODE:                    4204420

Members of the public are encouraged to call in prior to the time the meeting is scheduled to begin to avoid any delays.

The agenda can be found 48 hours prior to the meeting on our website: https://www.njeda.gov. The meeting will also be recorded and posted to the NJEDA website shortly after the conclusion of the meeting.

Second Phase of Cannabis Program Announced with Additional Funding; Increase Targets Support for Businesses Historically Affected by the War on Drugs

BLOOMFIELD, N.J. (October 3, 2023) —Today, New Jersey Economic Development Authority (NJEDA) Chief Executive Officer, Tim Sullivan, and Chief Community Development Officer, Tai Cooper, joined Bloomfield Mayor, Michael J. Venezia, along with representatives of the New Jersey Cannabis Regulatory Commission (NJCRC) to announce the awarding of $12 million of grant funding to 48 cannabis businesses, an increase from the originally planned 24 awards, thanks to a further allocation of available funding by Governor Phil Murphy.

This substantial investment aims to enable entrepreneurs, particularly those from communities historically harmed by the War on Drugs, to start and expand their cannabis businesses in New Jersey. This funding initiative is designed to eliminate long-standing barriers to entry and provides the startups with a $250,000 grant, the largest cannabis social equity grant of its kind in the nation.

The first phase of the Cannabis Equity Grant Program, known as the Joint Ventures Grant, launched earlier this year with a primary objective of assisting recreational cannabis startups with the capital to manage financial burdens and challenges when transitioning from a conditional license to an annual license. To ensure the communities harmed by racially-biased marijuana arrests also reap these financial benefits, 40 percent of the Joint Ventures Grant funding was allocated for qualifying social equity applicants, and an additional five percent was designated for businesses located in Impact Zones.

“As the cannabis industry continues to reach new heights in New Jersey, it is important that we build on our efforts to support the businesses seeking to enter and grow within this emerging market. The Cannabis Equity Grant Program allows us to simultaneously expand the pool of cannabis businesses in our state while also focusing on those communities most impacted by the unethical War on Drugs,” said Governor Murphy. “As we work to create a stronger, fairer, and more equitable cannabis market, our Administration will continue to increase access and opportunity to the small businesses entering the industry.”

“Today’s announcement of the 48 Joint Ventures Grant awardees, along with millions more in funding, marks an important milestone for our pioneering Cannabis Equity Grant Program. This additional funding will significantly expand our impact and foster greater participation in the growing cannabis industry, especially for communities harmed by the unjust War on Drugs. Under the leadership of Governor Phil Murphy, legalization has bolstered our state’s tax revenue and begun to create a stronger and fairer cannabis marketplace,” said NJEDA Chief Executive Officer Tim Sullivan. “Greater investment in the cannabis industry ensures more entrepreneurs, residents, and communities benefit, reversing historical injustices.”

“The NJEDA has brought the Cannabis Equity Grant Program to fruition and in so doing, has helped to set the New Jersey cannabis market as an example for the rest of the country.  We were grateful NJEDA stepped up to partner with us and we were able to offer our insight into the cannabis industry and to present our vision for an equitable New Jersey market – with particular concern for those who lack access to personal or familial capital, or to traditional sources of business funding,” said Dianna Houenou, Commission Chair, NJCRC. “We look forward to more grant funding for cannabis entrepreneurs that represent our local and diverse community.  We look forward to even more targeted investment into social equity businesses and those owned by local minority-, women-, and disabled veteran-owned businesses. And we look forward to supporting the NJEDA as they make that happen.”

“We congratulate the 48 grantees and celebrate our investment in creating new opportunities within the thriving cannabis marketplace. As we recognize these successes, we must also acknowledge that our work is not finished. Despite the presence of well-meaning policies across the country, it remains evident that communities of color hit the hardest by the criminalization of cannabis, continue to reap fewer benefits,” stated NJEDA Chief Community Development Officer Tai Cooper. “With this additional investment from Governor Murphy, the Cannabis Equity Grant Program is receiving the pivotal funding needed to ensure greater equity and access in the industry.”

This announcement precedes Phase II’s Seed Equity Grant, which will also benefit from the additional funding when it launches later this year. Phase II will exclusively ensure the communities most adversely impacted by the War on Drugs have equitable access to the cannabis industry. To this end, 100% of the Phase II Seed Equity Grant funding is reserved for qualifying social equity applicants. Phase II awardees will receive $150,000 in grant funds along with technical assistance to ensure that their businesses accrue the resources and support necessary to succeed. The technical assistance component will provide licensure process training, assistance in building a cannabis business team, financial management, guidance on securing investors, and development of supply chain management to name a few.

To learn additional information about the program and to view the 48 Joint Ventures Grant recipients, feel free to visit the website at www.njeda.gov/cannabis-equity-grant-program/

About the NJEDA

The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.

To learn more about NJEDA resources for businesses, call NJEDA Customer Care at 844-965-1125 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.