The New Jersey Economic Development Authority (NJEDA) will open applications for the New Jersey Lending for Equity, Access, and Financing (NJ LEAF) cannabis loan program on 4/20/2026.
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The $15 million loan program will provide low-cost financing of up to $1.5 million to eligible cannabis manufacturers, cultivators, and testing laboratories. This expands upon NJEDA’s cannabis-focused financial tools. They were designed to ideally empower small businesses and advance the State’s commitment to equitable economic development.
An informational webinar will be held on Thursday, April 16, 2026, at 10:00 a.m.
It’s fun to see this innovation in cannabis financing begun under former Governor Phil Murphy (D) continue under Governor Mikie Sherrill (D).
What is the New Cannabis Loan Program?
The NJ LEAF Program will provide lending options for both fixed assets and working capital. It should help eligible businesses grow and stabilize their operations in New Jersey. Fixed asset loan amounts will range from $100,000 to a maximum of $1.5 million. Working capital support loans will extend from $100,000 to a maximum of $500,000. The funding options offer valuable resources for cannabis businesses to invest in property, upgrade equipment, and cover day-to-day operational expenses.
Who is Eligible to Receive the New Cannabis Loans?
Only eligible businesses with a valid adult-use Cultivator, Manufacturer, or Testing Laboratory annual license from the New Jersey Cannabis Regulatory Commission (NJCRC) can apply.
So, no dispensaries are eligible.
In addition, businesses must be based in New Jersey, employ fewer than 250 full-time employees, and must have been in operation for at least one calendar year with annual gross revenues of $5 million or less.
The State, like many others, likes to be on winning horses. So no money is going to anyone who needs it to open.
Five percent of funding under the program will be set aside for businesses located in Impact Zones. Those are areas designated by NJCRC statute that were disproportionately impacted by cannabis prohibition and meet other statutory criteria. They received that designation based on arrests. So, some of the towns are not the minority-majority inner city neighborhoods you’d expect
The Trials of Blazing a Trail
Access to capital or money is the thing that stops the dreams of many cannabis businesspeople.
New Jersey is one of the few states that has even tried to help provide capital to companies.
Many of the dispensary applicants cannabis grant winners in their initial round have opened, like Xena and The Other Side in Jersey City, Vigor in Monmouth County, CanaBoss Lady in Maplewood, and Premo in Keyport.
Unfortunately, the NJ-EDA has had mixed results so far. One of their winners was Canna Remedies, a woman-owned company from Pennsylvania. So, while being based in Jersey was not a qualification to win, it absolutely should have been.
Canna Remedies opened but has since closed in Ewing.
They were not the only cannabis company not based in New Jersey to win money from New Jersey while rival New Jersey cannabis companies suffered.
The other catch is that some dispensary owners mentioned it was only a drop in the bucket. Heady NJ heard many needed between $500,000 and $2 million to open a dispensary. Much more is needed to open a growing or manufacturing operation.
A lot of money ultimately likely went to greedy landlords overcharging companies for rent. That way, companies could hold property needed for State approval.
