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Lack of banking options frustrates small cannabis operators | Video


The state’s newly authorized hashish market is anticipated to usher in tens of millions — if not billions — of {dollars} as soon as totally working. New Jersey is now the 18th state to permit the sale of leisure hashish. But as a result of the sale of leisure pot remains to be unlawful on the federal degree, most banks are ready for the regulatory surroundings to clear up earlier than coping with the trade. This implies that dispensaries are cash-only and the entrepreneurs working them are left susceptible to a variety of issues that include it.

“The cannabis industry in New Jersey is still a cash-only industry until the SAFE Banking Act is passed, leaving risk to the business owner in terms of transportation, storage of the cash, so we’re really advocating for the SAFE Banking Act in the state of New Jersey,” stated Nichelle Santos of CannaCoverage threat administration and insurance coverage consulting. “We have two or three banks that bank with cannabis business owners,” she stated.

Assemblyman Raj Mukerji (D-Hudson) says, “The problem is that ‘Big Cannabis,’ the corporate conglomerates that are publicly traded in Canada and whatnot, they have access to banking.”

“The big money interests just want to make the banking elements of this legal. We are not getting the kind of support for restorative justice elements like expunging people’s records,” stated U.S. Sen. Cory Booker (D-NJ) of the SAFE Banking Act. “We need to make sure we do this in partnership with looking out for those people who have disproportionately been arrested and incarcerated for marijuana possession.”



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