New York regulators have launched a new resource meant to connect licensed marijuana businesses with banks that are willing to work with the industry, even as federal prohibition continues to pose barriers to financial services.
The state Office of Cannabis Management (OCM) announced on Wednesday that it has created a Cannabis Banking Directory, which currently lists 10 financial institutions that say they're servicing marijuana businesses and are open to new clients as New York's market expands.
"This initiative is part of the Office's strategic efforts to reduce regulatory barriers and improve financial stability for cannabis businesses," OCM said. "The lack of accessible, compliant financial services has long been a challenge for licensed operators, complicating essential operations and transparency."
"The Cannabis Banking Directory addresses these issues by bridging the gap between cannabis entrepreneurs and banks and credit unions that understand the unique needs of the industry," it said. "If you are a licensed cannabis business in search of reliable banking services, or a financial institution ready to support our industry, we encourage you to utilize this valuable resource."
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