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NJ Assembly Committee Approves Cannabis Bill



A New Jersey Assembly committee on Monday approved bill A4263, which would protect financial institutions and insurance companies that do business with the cannabis industry from being penalized by state regulators, according to the state assembly’s website.

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.

The bill, introduced June 16, passed the Financial Institutions and Insurance Committee and was referred to the House Oversight, Reform and Federal Relations Committee, according to a summary of the bill̵

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

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


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