The New York State Office of Cannabis Management has launched the Cannabis Banking Directory, which 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.
The banking directory, which will be updated regularly, is one way the OCM is addressing the lack of banking and financial resources available to cannabis businesses.
“New York’s legal cannabis market cannot thrive without access to reliable financial services,” said Felicia A.B. Reid, OCM acting executive director. “At OCM, we are committed to fostering a fair, transparent and sustainable market, and this initiative is a key part of that effort.”
There are currently 305 adult-use cannabis dispensaries across New York, including eight in Rochester and additional dispensaries in neighboring counties. The recreational marijuana market generated sales of over $1 billion in 2024, OCM reported.
H/T: libn.com
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