New Jersey Senate President Endorses Cannabis State Bank

Speaking during a webinar hosted by the New Jersey Cannabis Business Association (NJCBA), Scutari said such a financial institution could solve one of the industry’s most persistent challenges. “I thought if we had a limited State Bank where people could use and benefit from all the banking needs that they have backed by the State of New Jersey, it would make a huge difference,” Scutari said. He added that the lack of banking access continues to leave small operators at a disadvantage while exposing businesses to unnecessary risks tied to cash-only operations.

Scutari noted that while federal reform remains stalled, New Jersey has the ability to lead on this issue. He argued that just as the state took bold steps to legalize marijuana sales, it could also take the lead in providing safe and regulated banking options.

The idea of a cannabis state bank has been endorsed by advocates, entrepreneurs, and social justice groups who say it would help level the playing field for independent businesses competing against large multistate operators. Scutari tied the proposal to his broader support for removing marijuana from the federal Controlled Substances Act and modernizing state rules to better support legal operators.

The webinar also touched on issues like home grow, enforcement against the underground market, and potential changes to the Cannabis Regulatory Commission, but Scutari was clear in his view that access to banking is one of the most pressing issues facing New Jersey’s billion-dollar marijuana industry.