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NJ Drives Cannabis Equity & Growth Now Says EDA Chief
New Jersey is taking bold steps to foster both cannabis equity and community revitalization through a series of grant programs and initiatives, all under the guidance of the New Jersey Economic Development Authority or EDA. At the heart of these efforts is Ty Cooper, Chief Community Development Officer at the EDA, who recently shared updates on the state's progress and vision during a televised interview.
Cooper emphasized that despite lingering stigma around cannabis — particularly in communities of color — the industry presents an opportunity for economic growth, healing, and reinvestment. "There was a stigma against cannabis, but it also presents great potential for medicinal use and community benefit," Cooper said.
Under Governor Murphy's leadership, New Jersey has become a national leader in creating access to capital for cannabis entrepreneurs, especially those from historically disadvantaged backgrounds. The EDA launched two signature grant programs: Joint Ventures and Seed Equity. Joint Ventures provided grants of up to $250,000 to established cannabis businesses ready to launch, while Seed Equity focused on social equity candidates — individuals affected by past drug policies — offering $150,000 in funding.
To date, 48 businesses have received Joint Ventures grants, and 26 are expected to be operating by the end of the year. Nine social equity recipients are also expected to open. Importantly, these are grants, not loans — helping reduce financial barriers for small business owners without burdening them with debt.
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