The continuing federal prohibition of marijuana has made cannabis entrepreneurs in New Jersey rely on personal funds or private financing to get their projects up and running. This has put up a significant barrier to entry into the market for many license applicants. In effort to free up financing while various bills continue to be introduced at the federal level, Governor Murphy signed bill S2945 on June 30, 2022, enacted as P.L.2022, c.48., which permits the New Jersey Economic Development Authority (NJEDA) to extend financial incentives to certain cannabis businesses as detailed below.
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Justin Calta’s practice focuses on the representation of businesses and individuals in real estate and corporate transactions, with a particular emphasis on zoning, land use and re-development, commercial leasing, mergers and acquisitions, and general corporate law and business counseling.
On September 25, 2019, the U.S. House of Representatives passed H.R. 1595, the Secure and Fair Enforcement (SAFE) Banking Act. The legislation is intended to allow the cannabis industry to have access to financial services and to enhance public safety by reducing the industry’s reliance on cash. It provides a safe harbor for financial services companies, including banks, credit unions, and insurers, to serve cannabis-related businesses operating under state law without the threat of regulatory backlash or criminal prosecution.
As a recreational cannabis bill in the New Jersey legislature stalls, federal legislation directed at expanding the cannabis industry’s access to banking and insurance services advances in Congress. On March 28, 2019, the U.S. House of Representatives Committee on Financial Services approved H.R. 1595, the 
