Cannabis Banking Directory Introduced by New York State Office of Cannabis Management

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On February 7, 2025, the New York State Office of Cannabis Management (OCM) announced (1) the release of the Cannabis Banking Directory (2). The Directory was developed by the Social and Economic Equity (SEE) Team in order to connect licensed cannabis businesses and cannabis-related businesses with financial institutions. It will assist operators in supporting “transparency, meet financial regulations, and operate within a secure, legal framework,” and foster competition in cannabis financial services.

With plans for the Directory to be updated regularly, it currently has nine financial institutions listed, along with their contact information, regions served, and services offered.

“New York’s legal cannabis market cannot thrive without access to reliable financial services,” stated Felicia A.B. Reid, Acting Executive Director of the OCM, in the news release. “The Cannabis Banking Directory is a crucial step toward breaking down barriers and ensuring that our licensed operators have the support they need. At OCM, we are committed to fostering a fair, transparent, and sustainable market, and this initiative is a key part of that effort.”

The news release included comments from several of the financial institutions in the Directory.

“Navigating the complexities of banking in the cannabis industry remains a universal challenge for the broader industry and government entities,” stated Stacey Morgan, Sr. Compliance Manager, Stearns Bank. “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.”

“The Cannabis team at Ponce Bank has worked very hard to develop these critical banking services for our cannabis community and we appreciate the support of The Office of Cannabis Management for their role guiding us all through these pioneering efforts,” stated Carlos Naudon, President and CEO, Ponce Bank. “Supporting the cannabis community is consistent with Ponce’s mission of protecting and supporting those for whom banking has not always been readily available and we appreciate the Office’s compilation of this new directory that will help connect all of the various stakeholders in this effort.”

"This cannabis banking directory is a great idea by the Office of Cannabis Management,” stated 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 news release explained how the directory aligns with the state’s goal of supporting cannabis businesses, particularly ones in historically marginalized communities.

Accredited financial institutions wishing to be included in the Directory can contact the SEE Team at SEE@ocm.ny.gov.

Earlier this year, New York Governor Kathy Hochul announced the state cannabis industry had reached $1 billion in cannabis retails sales in 2024 (3). It was also noted that more than half of the adult-use licenses were given to SEE applicants. Cannabis for recreational purposes was legalized in the state in 2021.

References

1. New York State Office of Cannabis Management. The New York State Office of Cannabis Management Launches Cannabis Banking Directory to Support Licensed Operators https://cannabis.ny.gov/system/files/documents/2025/02/banking-directory-release.pdf (accessed Feb 11, 2025).
2. Office of Cannabis Management. Social and Economic Equity https://cannabis.ny.gov/social-and-economic-equity (accessed Feb 11, 2025).
3. Colli, M. New York Reaches $1 Billion in Cannabis Retail Sales According to Governor Kathy Hochul https://www.cannabissciencetech.com/view/new-york-reaches-1-billion-in-cannabis-retail-sales-according-to-governor-kathy-hochul (accessed Feb 11, 2025).