Credit: Shutterstock Professional / Shutterstock.com SAFE Banking Act Will Ease Tension Between NJ and US Cannabis Laws
Fearing potential penalties and asset forfeiture by federal banking regulators, most financial institutions have steered away from cannabis all together, leaving state-licensed cannabis businesses with limited options when it comes to opening checking accounts, borrowing money, and accessing other banking services.
July 18, 2023 at 10:00 AM
8 minute read
More than two years after Gov. Phil Murphy signed into law the New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act (CREAMMA), which legalized the recreational use of cannabis for those aged 21 and over, the legal cannabis market is finally beginning to take shape in New Jersey. There are currently 45 cannabis dispensaries operating in the state, 33 of which are licensed to sell cannabis for recreational (non-medical) purposes.
Over 1,000 more cannabis businesses and microbusinesses, including cultivators, manufacturers, retailers, and testing laboratories, have been awarded either conditional or annual licenses by the Cannabis Regulatory Commission (CRC), and intend to open for business in the coming months. It is no doubt an exciting time to be a cannabis entrepreneur in the Garden State; on the other hand, the cannabis industry is complex and evolving quickly, and new cannabis businesses are grappling with unique legal and financial challenges not seen in other industries.
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