It was also announced recently that new applications are being accepted for ocean-based shellfish, cultivated-marine plant and trout farming.
In addition, funding is now available through the Nova Scotia Fisheries and Aquaculture Loan Board to start, expand or purchase a shellfish farming business.
The investment supports a more rigorous approach to approving new aquaculture operations and provides $2 million for research projects focused on interaction between sites and their local environment, advanced planning for aquaculture development and innovation in production methods.
"Making this investment while accepting new applications means more jobs and a growing sector in Nova Scotia," said Premier Stephen McNeil. "Our new approach to regulating the industry means we can create jobs while protecting the environment."
Aquaculture is currently worth $60 million annually to the Nova Scotia economy, supports 600 direct jobs and contributes to seafood exports which were worth $1.68 billion in 2015.
"We now have one of the most robust approaches for regulating aquaculture in the world," said Fisheries and Aquaculture Minister Keith Colwell. "We're now ready to engage Nova Scotians as we take aquaculture development to the next level."