Oakland, Calif. (July 22, 2024) – The State of New Jersey has centered social equity efforts in the launch of its in-state cannabis market, including through the first-of-its-kind program to provide direct financial and technical assistance to qualifying social equity applicants. The New Jersey Economic Development Authority directly supported 48 Seed Equity Grant Program recipients through grant funding and education provided by Oaksterdam University. This program provided targeted education and training to help advance their businesses, and many are crediting their ability to open their businesses with this vital support.
Oaksterdam University developed this intensive 9-week program specific to New Jersey laws and regulations that included comprehensive education and one-on-one assistance with local and national experts so that participants had every resource they needed to open and successfully manage their businesses.
“Oaksterdam crafted an intensive Technical Assistance Program for the NJEDA with local and national experts to help mitigate risks for long-term sustainability, and the participants leaned in. These small business owners are tenacious and are becoming the backbone of New Jersey’s legal industry,” said Dale Sky Jones, Executive Chancellor of Oaksterdam University. “Folks interested in supporting these entrepreneurs can do so with purchase power by asking for equity brands and shopping equity-owned businesses.”
Many NJEDA grantees now opening their businesses recognize support from the NJEDA and Oaksterdam as critical to their success.
“I am thrilled to announce that Simply Pure Trenton is officially opening its doors. This journey wouldn’t have been possible without the invaluable support from Oaksterdam University and the NJEDA. Oaksterdam’s comprehensive education on cannabis operations has been instrumental in getting us to this milestone,” said Tahir Johnson, Seed Equity grantee and owner of Simply Pure Trenton, which will celebrate its grand opening on July 27. “Anything we do in cannabis just reminds me how much my success means to the people here, and this program helped me get here.”
Also in Trenton, Seed Equity grantee John Dockery is celebrating the opening of his dispensary, Moja Life. “Oaksterdam has helped me tremendously. They are very knowledgeable and resourceful for operators like myself,” Dockery said.
Nature’s Motivation, owned by NJEDA graduate Juan Rivera Cappaluchi, also recently opened its doors to the public in Irvington. “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,” Rivera Cappaluchi said.
The Seed Equity Grant Program and the CTAP are part of Phase II of the Cannabis Equity Grant Program, which the NJEDA Board approved in 2022. All of the funding for Phase II was awarded to qualifying social equity applicants as designated by the New Jersey Cannabis Regulatory Commission, including those who live in economically disadvantaged areas or have cannabis-related convictions. The combination of training, education, and financial support further catalyzes investments in historically underserved communities and those most affected by the War on Drugs.
“Under Governor Phil Murphy’s leadership, New Jersey is creating a strong, equitable, and inclusive cannabis industry that will create jobs and revitalize communities,” said NJEDA Chief Executive Officer Tim Sullivan. “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. I congratulate the graduates and look forward to their success in New Jersey’s cannabis industry.”
