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The New Jersey Economic Development Authority will soon begin accepting applications for a $15 million initiative designed to help bridge capital access gaps for recreational cannabis cultivators, manufacturers and testing laboratories.

The state will provide low-cost financing of up to $1.5 million to eligible cannabis ventures under the New Jersey Lending for Equity, Access and Financing Program, the NJEDA said.

Through the NJ LEAF pilot, the state aims to help businesses grow and stabilize operations by providing flexible lending options for both fixed assets and working capital.

Recipients can use funding to invest in property, upgrade equipment and cover day-to-day operational expenses, the NJEDA said. Fixed asset loan amounts will range from $100,000 to a maximum of $1.5 million. Meanwhile, working capital support loans will extend from $100,000 to a maximum of $500,000, the agency said.

According to the NJEDA, eligible businesses must hold a valid and current recreational Class 1 (Cannabis Cultivator), Class 2 (Cannabis Manufacturer) or Testing Laboratory annual license digital card issued by the New Jersey Cannabis Regulatory Commission.

Additionally, companies must:

• Be based in New Jersey
• Employ fewer than 250 full-time employees
• Have been in operation for at least one calendar year with annual gross revenues of $5 million or less

The state noted it will set aside 5% of funding under the program for businesses located in Impact Zones. Designated by statute, these areas were disproportionately impacted by cannabis prohibition or meet other statutory criteria.

How to apply

According to NJEDA, applications will open at 10 a.m. April 20. Click here for details on the program or to apply.

Interested business owners can also contact [email protected] to learn more about eligibility.

An informational webinar is scheduled for 10 a.m. April 16. Click here to register.

When the NJEDA announced the NJ LEAF program last fall, the agency said it aimed to expand on “already successful efforts to support the state’s burgeoning cannabis industry.”

NJEDA Chief Community Development Officer Tai Cooper said, “New Jersey’s continued investment into this strategic sector is unlocking much-needed resources for diverse entrepreneurs, helping create jobs and strengthen communities.”

In May 2025, the NJEDA board approved a $5 million grant program to help recreational cannabis entrepreneurs manage the cost of ongoing compliance and operating expenses as they build their businesses.

The NJEDA’s two new cannabis initiatives follow the success of the Seed Equity and Joint Ventures Grant Programs. According to the state, those measures have delivered nearly $14 million and supported the opening of 40 cannabis businesses across New Jersey to date.