Protects financial institutions and insurers doing business with cannabis industry from being penalized by State regulators.

This New Jersey bill protects financial institutions and insurers that provide services to cannabis businesses from state penalties. It prohibits state agencies from discouraging or penalizing these institutions for serving cannabis businesses, including taking adverse actions on loans or requiring service termination. The bill also ensures that transactions with cannabis businesses won't be considered illegal, and requires cannabis businesses to notify financial institutions if their licenses are suspended or revoked. This directly affects banks, credit unions, insurers, and cannabis-related businesses operating in New Jersey.