Newark Cannabis Banking

Herring Bank is excited to unveil the Cannabis Banking Program for Newark, a dedicated platform designed to address the financial complexities faced by the cannabis industry. This program provides a robust array of banking solutions, including checking and savings accounts tailored for cannabis enterprises, to ensure secure fund management. With round-the-clock access to online banking, businesses can manage their operations efficiently from any location, simplifying customer transactions and electronic tax filings to maintain compliance and streamline operations.

Acknowledging the critical importance of cash flow management in the cannabis industry, Herring Bank offers specialized cash management accounts, along with secure cash pick-up and delivery services, to mitigate the risks associated with cash dealings. For growing companies, our cannabis business programs offer the necessary financial tools, complemented by investment opportunities aimed at optimizing returns.

Herring Bank facilitates your payroll needs with employee accounts, direct deposit, ACH payments, and wire services, ensuring a smooth and efficient payroll and payment system. This all-encompassing financial toolkit is specifically designed to support the flourishing of cannabis businesses in Newark, laying a solid financial foundation for success in this vibrant market.

2024 Cannabis banking in Newark: Current rules and regulations

In Newark, as part of New Jersey, the cannabis landscape has evolved significantly with the legalization of cannabis for both medical and recreational use. Following the adoption of the Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization (CREAMM) Act, adults aged 21 and older are permitted to legally purchase and use cannabis and cannabis-related products. This development was facilitated by the Cannabis Regulatory Commission (CRC), which oversees the recreational and medical cannabis industries in the state, setting regulations for the sale, purchase, and consumption of cannabis​​​​.

The law in New Jersey makes a distinction between “cannabis” (regulated plant form grown, bought, and sold by state-licensed cannabis businesses) and “marijuana” (unregulated plant form grown, bought, and sold in the illicit market). Adults, including both residents and visitors to New Jersey, can buy cannabis at licensed dispensaries across the state. The allowable possession limit is up to 6 oz of cannabis and cannabis products​​.

Tax revenue from cannabis sales is directed towards community supports and services in impact zones, with a portion of sales tax specifically allocated to community reinvestment in municipalities disproportionately harmed by cannabis prohibition. This is alongside funds for the operations of the CRC and drug recognition expert training for law enforcement. Municipalities also have the authority to implement a 2 percent tax on cannabis, with discretion over the use of these funds​​.

New Jersey has taken significant steps towards correcting past cannabis-related offenses, with the judiciary system expunging over 360,000 marijuana-related records. This action aligns with the state’s broader goal of reducing the societal and individual impacts of previous cannabis criminalization​​.

While federal law under the Controlled Substances Act still prohibits the cultivation, distribution, and possession of marijuana for any reason, New Jersey’s legislation reflects a shift towards accommodating state-legal cannabis activities without breaching federal regulations. This nuanced approach seeks to balance state autonomy with federal interests, particularly focusing on enforcement priorities that align with significant public safety and health objectives​​.

This legal framework in New Jersey, including Newark, indicates a progressive stance on cannabis, aiming to regulate and integrate cannabis into the state’s economy responsibly while addressing past injustices associated with cannabis prohibition.

Herring Bank emerges as a beacon for cannabis-related businesses (CRBs) in Newark, navigating the intricate world of cannabis banking within New Jersey’s evolving landscape. Tailored to the specific demands of Newark’s burgeoning hemp sector, Herring Bank introduces a comprehensive suite of banking solutions. These include checking and savings accounts, online banking services, cash management tools, and business programs, all designed to support the growth of CRBs. Their offerings are a testament to a deep comprehension of the sector’s intricacies and a steadfast commitment to supporting compliance and operational efficiency among businesses involved in cannabis banking​