NJ's social equity licensees begin opening cannabis dispensaries

After receiving support from the New Jersey Economic Development Authority, some of the first cannabis social equity licensees in the state are preparing to join the legalized marijuana marketplace.

As part of the NJEDA’s Cannabis Equity Grant Program, 48 startups each received a $150,000 grant as well as technical assistance to help build a successful company.

Developed and administered by cannabis college Oaksterdam University , the nine-week, no-cost training program educated students about:

• Licensure process



• Creating a business team



• Financial management



• Securing investors



• Supply chain management development

 

Vital assistance

Many of the grantees say their ability to open their businesses would not have been possible without the funding and education provided through the program.

Tahir Johnson, grant recipient and owner of Simply Pure Trenton, plans to officially open doors July 27.He described the support from Oaksterdam University and the NJEDA as “invaluable” and “instrumental” in helping him reach the milestone.

“Anything we do in cannabis just reminds me how much my success means to the people here, and this program helped me get here,” Johnson said.

John Dockery is also celebrating the launch of his dispensary, Moja Life . The shop opened last month as the first licensed dispensary in Trenton.“Oaksterdam has helped me tremendously. They are very knowledgeable and resourceful for operators like myself,” Dockery said.

In Irvington, Juan Rivera Cappaluchi recently opened family-owned dispensary Nature’s Motivation .

“This program was vital to me and my business. It made me realize how much I didn't know. The coaching, staff, and resources provided were invaluable,” Cappaluchi said.

The Seed Equity Grant is the second phase of the Cannabis Equity Grant Program . It assists businesses who meet the New Jersey Cannabis Regulatory Commission’s criteria for social equity and received a conditional license but have not yet secured real estate or local approval. The initiative offers assistance in converting to an annual license.

Launched last year, the Cannabis Equity Grant Program is the largest such grant of its kind in the nation . It aims to help entrepreneurs so they can start and expand their businesses in New Jersey. The program particularly focuses on those from communities historically harmed by the war on drugs.

Unlocking access

The Joint Ventures Grant marks the first stage. It focuses on helping recreational cannabis business owners with the capital needed to “manage financial burdens and challenges when transitioning from a conditional license to an annual license.”

During the initial round , 48 businesses received $250,000 grants to assist with early-stage expenses. Covered costs include rent, utilities, wages and regulatory fees. The program also offers technical training.



NJEDA Chief Executive Officer Tim commented, “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 to help unlock access to the cannabis market to ensure they reap the industry’s economic benefits.”

“Under Gov. Phil Murphy’s leadership, New Jersey is creating a strong, equitable, and inclusive cannabis industry that will create jobs and revitalize communities,” said .

Commenting on the Seed Equity Grant awardees, Oaksterdam University Executive Chancellor Dale Sky Jones said, “These small business owners are tenacious and are becoming the backbone of New Jersey's legal industry. Folks interested in supporting these entrepreneurs can do so with purchase power by asking for equity brands and shopping equity-owned businesses.”

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In case you missed it

Though cannabis remains a male-dominated industry across the U.S., female entrepreneurs in the Garden State are making progress in breaking the so-called grass ceiling. Click here to read more.

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