Marijuana Legalization Clears Joint-Committee

Legislation (S2703) that would legalize recreational use marijuana in New Jersey gained the approval of the Senate Budget and Appropriations Committee and the Assembly Appropriations Committee during a joint hearing Monday. The joint-committee voted seven to four in the Senate and six to three in the Assembly in support of the legalization, taxation and regulation of small amounts of marijuana for adults 21 years and older.

10 states and Washington, D.C. have legalized recreational marijuana and public support for the effort is at an all-time high with sixty-percent of people in the United States favoring legal recreational marijuana.

Providing banking-related services to otherwise legal marijuana businesses will continue to be a problem since the drug has not been legalized by the federal government for either medicinal or recreational use.

For more information on how the legalization of marijuana in New Jersey might affect your credit union, NJCUL members can register for tomorrow morning’s (10:00 a.m.) virtual meeting to hear from Attorney Michael DuPont.