New York’s Cannabis Regulatory Body Introduces Banking Directory

LOS ANGELES- The New York Office of Cannabis Management (OCM) has launched a Cannabis Banking Directory to assist licensed cannabis businesses in identifying financial institutions willing to provide banking services. This initiative aims to mitigate challenges faced by cannabis operators in securing compliant financial services.

The directory lists ten financial institutions, including seven banks and three credit unions, that have expressed readiness to work with cannabis businesses. These institutions are located primarily within New York, with some in neighboring states. The directory provides details such as contact information, regions served, and specific services offered by each institution.

The OCM emphasizes that this directory does not serve as an endorsement or recommendation of any listed institution. Instead, it is designed to bridge the gap between cannabis entrepreneurs and financial institutions that understand the industry’s unique needs.

Despite the establishment of this directory, the number of financial institutions willing to service the cannabis industry remains limited. According to a report, less than 1.5% of New York’s approximately 315 banks and 380 credit unions currently offer services to cannabis businesses.

The OCM’s initiative is part of broader efforts to reduce regulatory barriers and improve financial stability for cannabis businesses in New York. By facilitating connections between licensed operators and supportive financial institutions, the OCM aims to enhance the operational transparency and financial accessibility of the state’s cannabis industry.