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New Jersey Cannabis Banking

Accessing banking as a cannabis-related business (CRB) in New Jersey is still an uphill battle, yet it’s not something your company can go without. 

Dispensaries, cultivators, delivery services, and manufacturers alike leave themselves vulnerable to theft, complicate payroll and taxes, and make financial growth harder to plan for when operating in cash-only. It’s not sustainable.

That said, there are some options for New Jersey cannabis banking. Certain state-chartered financial institutions have stepped up to provide essential services so you can operate just like any other business.

You will need to jump through some hoops to maintain compliance, though. That’s where Solvent comes in as the #1 provider of cannabis credit card processing and compliance solutions.

We can get you set up with the physical infrastructure and backend you need for your business. Get in touch today to discover how our tools simplify transactions, strengthen compliance, and help you run a safer, more efficient business. Or, learn all about cannabis banking in NJ below!

Common Obstacles in Securing Cannabis Banking in New Jersey

New Jersey legalized adult-use cannabis in 2021 under the New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act (CREAMM Act). Oversight for licensing and compliance falls under the scope of the Cannabis Regulatory Commission (CRC).

Still, cultivation, manufacturing, retail, and distribution sectors all face a similar challenge: securing access to cannabis banking in New Jersey. That’s because the federal status of cannabis as a Schedule I substance puts traditional banks at risk when offering services.

Even if these banks provide services to a fully licensed and compliant operator, they’re exposing themselves to risk. National banks like Chase, Wells Fargo, and Bank of America turn cannabis clients away outright to stay compliant with federal anti-money laundering (AML) obligations.

Banks that do serve cannabis clients in New Jersey have to go above and beyond to protect themselves. They’re required to file Suspicious Activity Reports (SARs) and adhere to the Bank Secrecy Act (BSA) and FinCEN guidelines.

With this increased scrutiny comes higher compliance costs and lengthy onboarding for CRBs. this is why you won’t find too many options for secure New Jersey cannabis banking. That doesn’t mean you don’t have any choices at your disposal, though. 

What Bank is Cannabis Friendly in New Jersey?

Finding a compliant, cannabis-friendly banking provider is not something you can overlook given the operational inefficiencies, safety concerns, and long-term growth limitations associated with cash-only operations. Here are some of the top banks you can choose from in New Jersey:

  • Parke Bank: Offers tailored banking services for licensed cannabis operators, including commercial accounts and secure deposit management.

  • BCB Bank: Actively supports cannabis clients with checking accounts, wire transfers, and payroll services, with a strong understanding of regulatory compliance.

  • Valley Bank: Provides limited services for cannabis-adjacent companies and has explored broader cannabis support through state-level initiatives.

  • First Harvest Credit Union: Known for working with medical cannabis businesses and offering personalized customer service for small operators.

  • Affinity: Offers financial services for CRBs through a compliance-focused approach, including real-time transaction reporting and account monitoring.

  • Herring Bank: Serves high-risk industries nationwide, offering experience-backed banking options with strong due diligence systems.

  • Safe Harbor Financial: A fintech solution that partners with institutions to offer cannabis-specific banking infrastructure, including compliance software and reporting tools.

You can review our detailed cannabis banking resource where we cover options for all 50 states, including the neighboring states to New Jersey: cannabis banking in New York, Delaware cannabis banking, and Pennsylvania cannabis banking.

In the meantime, we’ll help you weigh your options to pick the perfect New Jersey cannabis banking parter for your specific needs. 

What Should You Prioritize in New Jersey Cannabis Banking?

All the different cannabis-friendly banks in New Jersey (and nationwide for that matter) have their own unique onboarding requirements, fees, and scope of services. You need to evaluate these options carefully to set yourself up for smooth success in your day-to-day.

Beyond simply accepting CRBs as clients, the bank you partner with should have experience in providing services to companies like yours. They need to understand the complex regulatory framework here in New Jersey so they can help you stay compliant.

That means maintaining proper documentation, managing SARs, and staying aligned with CRC rules and federal expectations. Look for a platform that offers audit trails, transaction monitoring, and data exports. From there you should consider which specific services you need in a bank:

  • Checking/savings accounts

  • Deposit services

  • ACH transfers

  • Payroll support

  • Integration with local POS systems

  • Financial advisory support

  • Loan servicing

  • Investment options

  • Electronic tax payments

  • Wire services

  • Cash pick-up and delivery

Be aware that the more access you have to finanical services, the higher fees you’ll pay. But it’s worth it for peace of mind and you’ll end up saving money in the long run with how these banks can streamline your operation.

Still, it’s worth taking the time weigh fees and features to see which New Jersey bank provides the best value for the money. Pricing should be transparent and clear upfront, and we caution against long-term contracts that don’t offer flexibility as your business grows.

Don’t overlook the value of good customer support, either. We can’t stress enough how valuable access to 24/7 customer service is when you have a question or need help navigating a frozen account.

How Solvent Supports New Jersey Cannabis Businesses With Payment Processing and Compliance

Any cannabis-friendly bank in New Jersey is going to require you to jump through some hoops for compliance purposes. This can be a nightmare on your own, which is why New Jersey cannabis companies partner with Solvent.

We help cannabis businesses like yours process payments securely, stay compliant with state and federal guidelines, and run more efficiently. Here’s how:

  • PIN Debit Payment Solutions: Accept debit card payments at checkout with fully compliant processing that integrates directly with your existing point-of-sale system. No workarounds. No gray areas.

  • Hardware That Works: We don’t use off-the-shelf readers or unstable devices. Our equipment is purpose-built for dispensaries and high-volume operations.

  • Compliance Infrastructure: We help you meet FinCEN, BSA, and CRC requirements with tools for transaction monitoring, activity logging, and reporting. Stay audit-ready without the stress.

  • Fast, Predictable Settlements: Payments are settled within two business days, giving you faster access to capital and more control over cash flow.

  • Real-Time Reporting: Our online portal offers full visibility into your sales, fees, and deposits - download reports instantly in Excel or PDF format.

  • Live US-Based Support: Our cannabis-trained support team is available 24/7 to troubleshoot and guide you through compliance or technical issues.

Skip the uncertainty of finances and compliance and focus on running your business. Let Solvent’s systems do the heavy lifting so you can do what you do best. Reach out now and see how we can power your operations and support compliant New Jersey cannabis banking!

Frequently Asked Questions

What Cannabis Businesses Can Work With Solvent?

We work with licensed cannabis businesses across the supply chain, including dispensaries, cultivators, manufacturers, and distributors. If you’re state-licensed and compliant, we can help.

Does Solvent Support Other States, Too?

Yes. Solvent operates nationwide and supports cannabis businesses in legal markets across multiple states, adapting our solutions to local regulations and banking limitations.

Can Employees of Your CRB Get a Checking Account, Too?

We don’t offer checking accounts, but many of the New Jersey cannabis banks we listed above do! This would be a great question to ask them. 

What is the Banking Act for Cannabis?

The SAFE Banking Act is proposed federal legislation that would allow banks to serve cannabis businesses without facing federal penalties. It’ll be a huge step in the right direction for cannabis normalization, but it still hasn’t passed and the future looks fairly uncertain.

Does Chase Do Cannabis Banking?

No. Chase does not offer banking services to cannabis businesses, including dispensaries and growers.

Does Wells Fargo Allow Cannabis Banking?

Similarly, Wells Fargo avoids serving CRBs at this time.

What is the Next Step to Securing New Jersey Cannabis Banking?

Start by confirming your license is active and your financial documentation is in order. Then, reach out to Solvent for one-on-one support getting set up with secure, compliant payment processing. We’ll guide you step-by-step so you can take full advantage of our solution. 

Let’s move your business forward with clarity, compliance, and confidence today!

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