What every banker in New Jersey should know about cannabis banking.
Cannabis banking brings significant growth potential, along with challenging operational demands and complex regulations. According to Headset data, the New Jersey market has seen over 9% year over year growth. Here's how you can get started and define your financial institution's path forward.
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Build a business case for cannabis banking.
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Understand the risks.
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Develop strategies to mitigate risk.
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Implement systems to promote compliance and client service.
NEED TO KNOW
Shield President & CEO, Tony Repanich, joins Mike Affuso of NJBankers to discuss decision factors that financial institutions must consider when entering cannabis banking. Listen
3 Questions with Minnesota Cannabis Regulator, Max Zappia
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ASK THE EXPERT
CANNABIS BANKING GUIDE | NEW JERSEY
Build a Compliant Cannabis Banking Program in New Jersey
The Garden State is positioned to be a leading cannabis market, with legalized adult-use cannabis introduced in 2021. According to New Frontier Data, annual legal sales in the state have the potential to grow to $4.2 billion by 2027.
Boost your balance sheet with cannabis banking in New Jersey.
Given the complexities of this line of business, financial institutions must understand the economics of cannabis banking and tailor their products and services to meet the evolving needs of their customers. By establishing policies and procedures, implementing an effective technology platform, creating a scalable pricing structure and developing expertise and relationships now, bankers can gain competitive advantage.
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Conduct a guided review of your institution's risk tolerance.
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Develop a risk assessment tailored to the needs of your institution.
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Define and document the policy considerations of your banking program.
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Educate your stakeholders, including meetings with regulators.
GET STARTED
SHEDULE A CONSULTATION
Get expert guidance to build your cannabis banking program in New York. Schedule a no-obligation consultation with Shield Compliance today.
The Shield Compliance team can help you unlock the benefits of serving this industry. Contact us to learn how to design a cannabis banking program that meets your financial institution's needs for effective management and operations.
"Partnering with experts who can assist with implementing compliance technologies, risk management policies, and operational processes required for banking this industry will help financial institutions create the foundation for an effective program and ultimately gain the financial rewards of cannabis banking."
Tony Repanich, President & CEO
Shield Compliance
BUSINESS
Four Years of Growth...and the Work Continues
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
In April, the New Jersey Cannabis Regulatory Commission (NJ-CRC) turned four years old and with that, we reflect on how far the state’s cannabis industry has come.
POLITICS
New Jersey Officials Share Tips For Marijuana Use At Newly Opened Consumption Lounges
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
As New Jersey’s first marijuana consumption lounges are opening, regulators are sharing information about where to find the sites and offering tips about how to responsibly use cannabis at the licensed businesses...
BUSINESS
The Economic Impact of NJ Cannabis Cultivation
On a blocked-off street in downtown Minneapolis, a crowd of Minnesotans lit up their first legal joints here and puffed... More
What was once an underground industry has emerged as a legitimate business sector. It’s generating substantial revenue, creating jobs, and revitalizing communities across the Garden State.
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Get the Cannabis Banking Playbook
The Cannabis Banking Playbook defines a path forward for financial institutions to serve cannabis-related businesses compliantly while gaining the financial rewards of the legal cannabis market. Sign up to download your copy.