The New Jersey Economic Development Authority (NJEDA) will open applications for the Cannabis Business Development (CBD) Grant program Nov. 13 at 10:00 a.m. This pilot grant program will offer $75,000 to eligible cannabis manufacturers, cultivators, retailers and testing laboratories in the state.

The CBD Grant Program is a $5 million initiative designed to provide targeted financial support to eligible recreational cannabis entrepreneurs in New Jersey. The program will grant one-time reimbursements of $75,000 to help alleviate and manage the cost of ongoing state and local compliance, as well as operating expenses, for early-stage companies.

Five percent of funding will be made available for businesses operating in New Jersey Cannabis Regulatory Commission (NJCRC) designated Impact Zones, which stimulate economic development in historically underserved areas. These zones are designated by the NJCRC on factors such as past cannabis arrests, law enforcement activity, unemployment and population.

To be eligible for the program, a business must possess a valid and current NJCRC annual license and digital card in one of the following categories: Class 1 (cultivator), Class 2 (manufacturer), Class 5 (retailer) or testing laboratory at the time of application.

Applicants must also submit at least $75,000 in eligible expenses with supporting documentation and proof of payment to qualify.