 last week launched the Cannabis Banking Directory, intended to link state-licensed cannabis businesses with){kind=link}
Last week, the New York Office of Cannabis Management launched the Cannabis Banking Directory. The directory is intended to connect state-licensed marijuana businesses with the banks and credit cooperatives that service the industry. This program was created by the Social and Economic Equity Team (SEE), and it is intended to improve financial stability by increasing access to services.
Ten banks are included in the list of current members. List – some regional and some for operators statewide.
Felicia A.B. Reid, the acting executive director at OCM, stated that the directory was a key part of OCM’s “commitment to fostering an equitable, transparent and sustainable market”.
New York’s legal marijuana market can not thrive without reliable financial services. This directory is an important step in breaking down the barriers for licensed operators and providing them with support. — Reid in a statement
Ed Martel, chief operating officer of Jonestown Bank & Trust Co., noted the bank has already served cannabis and cannabis-related businesses for seven years, but called the publication of the directory “a positive step forward” for the industry.
Carlos Naudon, president and CEO of Ponce Bank, said the directory will help connect banks with an industry – and individuals – “for whom banking has not always been readily available.”
Naudon, in a written statement said that the Cannabis team of Ponce Bank had worked extremely hard to provide these vital banking services to our cannabis community. We also appreciate their support and guidance.
Subscribe to our daily Cannabis Business News Updates. Subscribe
MEDACAN24 was made possible through our partners.