N.J. Assembly committee approves cannabis bill

A New Jersey Assembly committee on Monday approved Bill A4263, which would protect financial institutions and insurers doing business with the cannabis industry from being penalized by state regulators, according to the website of the state Assembly.

The bill was sponsored by Assemblywoman Verlina Reynolds Jackson of District 15, Hunterdon and Mercer Counties; Assemblyman Benjie E Wimberly, District 35, Bergen and Passaic Counties; and Assemblyman Reginald W. Atkins, District 20, Union County.

Introduced June 16, the bill was passed by the Financial Institutions and Insurance Committee and referred to the Assembly Oversight, Reform and Federal Relations Committee, all according to a synopsis of the bill’s activity.

“Under the bill, a financial institution or insurer authorized to engage in business in this State may provide financial or insurance services to or for the benefit of a legitimate cannabis-related business and the business associates of a legitimate cannabis-related business,” subject to a host of conditions and cross governing statutes, according to the legislature website.

The bill mirrors similar efforts in other states and on the federal level to further enable the nascent cannabis industry, such as the SAFE Banking Act.