A bill that would establish a state bank for the “handling of marijuana-related funds” is awaiting a hearing in the New Jersey Assembly financial institutions and insurance committee.
The legislation, A4510, introduced on Oct. 15 by Assemblyman John McKeon, calls for the bank to provide “marijuana-related businesses with a place to deposit cash, as well as by providing those businesses with access to capital.”
Because of the federal prohibition against marijuana, most banks will not handle cannabis industry accounts.