State lawmakers took steps on two bills Thursday that could bring protections for companies that insure cannabis-related companies in the Garden State and also allow those on workers’ compensation to have their medical weed covered.
The state Assembly committee on financial institutions advanced the two bills, but the state Senate has yet to take up either.
The first (A377) protects insurance companies and their employees from retaliation by state or local government if they engage with marijuana-related businesses. The bill cleared committee 11-1 with one abstention.
The bill would not require insurance companies to take on cannabis-related clients.
“As we move forward addressing marijuana as a medicine and holding up industries, we have to put in place, first protections for our residents, but also protections for professional businesses that participate in the industry,” said Assemblyman Joe Danielsen, D-Somerset, who sponsored the bill.
Marijuana remains a federally illegal schedule 1 drug, even though states like New Jersey have legalized it for medical use. The contradicting federal and state laws have left banks and insurers wary of doing business with any pot-associated company. [Read more at NJ.com]
MJShareholders.com is the largest dedicated financial network and leading corporate communications firm serving the legal cannabis industry. Our network aims to connect public marijuana companies with these focused cannabis audiences across the US and Canada that are critical for growth: Short and long term cannabis investors Active funding sources Mainstream media Business leaders Cannabis consumers