The New York State Office of Cannabis Management (OCM) has launched the Cannabis Banking Directory, a dedicated resource that connects licensed cannabis businesses with banks and credit unions ready to serve the industry. The program launched by OCM's Social and Economic Equity (SEE) Team, is designed to increase access to financial services by reducing barriers, to help create more financial stability for cannabis operators. By making banking services more accessible, The Office of Cannabis Management is helping businesses maintain transparency, meet financial regulations, and operate within a secure, legal framework. The Banking Directory will be updated regularly, and its ever-expanding list of financial institutions will foster greatly needed competition in the cannabis financial services sector.
The OCM is taking a critical step to address the lack of banking and financial resources available to cannabis businesses. Without access to compliant financial solutions, licensees often face unnecessary operational challenges. To combat this issue, OCM is working to bridge the gap between cannabis businesses and financial institutions, ensuring that entrepreneurs in New York's legal cannabis market can function securely and efficiently.
"New York's legal cannabis market cannot thrive without access to reliable financial services. The Cannabis Banking Directory is a crucial step toward breaking down barriers and ensuring that our licensed operators have the support they need," said Felicia A.B. Reid, Acting Executive Director of The New York State Office of Cannabis Management. "At OCM, we are committed to fostering a fair, transparent, and sustainable market, and this initiative is a key part of that effort."
"This cannabis banking directory is a great idea by the Office of Cannabis Management," said Peter Su, Director of Specialty Banking at Hanover Bank. This will go a long way in supporting the growth of the cannabis industry and will allow banks to grow this vertical, which has enormous potential, in the State of New York."
"The Cannabis Banking Directory is a positive step forward for Cannabis-Related Businesses in the state of New York," said Ed Martel, Chief Operating Officer of Jonestown Bank & Trust Co. (JBT). "We've been a leader in providing banking services to cannabis-related businesses for seven years and are pleased to be included in this valuable resource for New York's cannabis licensed operators."
"Navigating the complexities of banking in the cannabis industry remains a universal challenge for the broader industry and government entities. New resources, like New York State's OCM Directory, will help connect businesses in the cannabis sector to more financial services institutions and create a more inclusive banking ecosystem. At Stearns Bank, we're proud to provide cannabis businesses, operators, and entrepreneurs with equitable, customizable, and trusted banking solutions and tools that help them reach their full financial potential." – Stacey Morgan, Sr. Compliance Manager, Stearns Bank.