The SAFE Banking Act: High Hopes for the Cannabis Industry

New Jersey Law Journal


In this New Jersey Law Journal article, Wilentz attorneys Lisa Gora and Anthony M. Osbourne discuss the recent passage of the SAFE Banking Act by the U.S. House of Representatives and its significance for financial institutions that choose to provide financial services to state-approved cannabis businesses operating in New Jersey. Ms. Gora serves as Secretary of the New Jersey State Bar Association Cannabis Law Committee and Mr. Osbourne is also a member of the Committee.

This article is part of the New Jersey Law Journal monthly column authored by Michael F. Schaff, Esq. and Lisa Gora, Esq. in collaboration with other attorneys from Wilentz, Goldman & Spitzer’s Cannabis Law practice group. The column provides timely updates on the impacts of legal cannabis on New Jersey businesses in all industry sectors.

This article is reprinted here with permission from the November 11 issue of the New Jersey Law Journal. © 2019 ALM Media Properties, LLC. Further duplication without permission is prohibited. All rights reserved.

*Cannabis Law Disclaimer: Per federal law, under the Controlled Substances Act, marijuana is categorized as a Schedule I controlled substance.  Possession, use, distribution, and/or sale of cannabis is a Federal crime and is subject to related Federal policy, regardless of any state law that may authorize certain marijuana activity.  Compliance with state marijuana law does not equal compliance with federal law.  Legal advice provided by Wilentz, Goldman & Spitzer, P.A. is designed to counsel clients regarding the validity, scope, meaning, and application of existing and/or proposed cannabis law. Wilentz, Goldman & Spitzer, P.A. will not provide guidance or assistance in circumventing or violating Federal or state cannabis law or policy, and any advice provided by Wilentz, Goldman & Spitzer, P.A. should not be construed as such.