In New Jersey, cannabis banking is regulated by the Department of Banking and Insurance (DOBI), which ensures financial institutions comply with state and federal laws. The Banking Division Commissioner interprets the New Jersey Administrative Code to guide these institutions. The Attorney General also plays a key role, providing legal oversight and ensuring cannabis businesses adhere to the law, especially regarding federal banking challenges.
Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in NJ | Type of Financial Institution |
---|---|
LeafLinkā | FINTECH |
Affinity Federal Credit Union | Credit Union |
Amalgamated Bank | Bank |
BCB Bank | Bank |
Bison State Bank | Bank |
BlueSky Bank | Bank |
Chase (CBD Only) | Bank |
Element Federal Credit Union | Credit Union |
First Harvest Credit Union | Credit Union |
First National Bank of Pasco | Bank |
Green Check | FINTECH |
Herring Bank | Bank |
Jonestown Bank & Trust Co. | Bank |
Lighthouse Biz Solutions | Credit Union Support Organization |
Needham Bank | Bank |
Parke Bank | Bank |
Safe Harbor Financial | FINTECH |
Shore United Bank | Bank |
Valley Bank | Bank |
Dispensaries, CBD shops, and hemp shops face unique payment processing challenges due to cannabis's federal status and varying state laws. Here's how they typically manage payments: