The cannabis industry has faced banking challenges for years due to its federally-illegal nature. Some financial institutions, despite the fact that the four biggest banks are reluctant to bank for companies who operate illegally, still take on the risk.
New York Office of Cannabis Management published a Cannabis Banking Directory this week that includes a list of banks and credit cooperatives who can work with companies that deal in cannabis. The directory, created by the Social and Economic Equity (SEE) team, is available on the OCM website. OCM released a statement saying that they aim to facilitate the connections between licensed cannabis business and supporting financial institutions.
It said:
Lack of compliant and accessible financial services is a long-standing challenge that has complicated essential operations. The Cannabis Banking Directory Addressing these challenges by building a bridge of understanding between the banking and credit unions and cannabis entrepreneurs who are familiar with the specific needs of this industry.
OCM said that this list is not an endorsement, recommendation or support by regulator.
This list contains the following organizations
- Southern Chautauqua Federal Credit Union
- Suffolk Credit Union
- Hanover Bank
- Jonestown Bank & Trust Co. (JBT) in Pennsylvania
- National Bank of Coxsackie
- Dart Bank
- Stearns Bank N.A.
- AmeriCU Credit Union
- Valley Bank of New Jersey
- Ponce Bank
New York’s 2021 state cannabis law established social and financial equity. (SEE) Program to encourage participation of individuals who are disproportionately affected by the cannabis prohibition. SEE the Plan. 50 % of adult licenses will be distinct See SEE
- service-disabled veterans.