The new directory will address the lack of reliable banking resources and allow businesses to operate securely.
Image | adobe.stock/darren415
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
Ep 27: Tracking Strains in Diverse Landscapes
July 2nd 2025In this latest installment of Noid Knowledge, we are joined by Daniela Vergara, PhD, Hemp Specialist at the Cornell Cooperative Extension, and Anna Schwabe, PhD, Associate Lecture Professor at the University of Colorado, discussing the evolution of cannabis cultivation and the need for regional climate data. Their recent project, funded by the Agricultural Genomics Foundation, studies 10 cannabis varieties grown by farmers in different regions, specifically plant characteristics, soil type, and harvest metrics. They aim to understand how environmental factors affect cannabis yield and quality, providing actionable insights for farmers and breeders.
Best of the Week: July 4 – July 10, 2025
July 11th 2025Here, we bring you our top five recent articles covering revoking medical cannabis cards in Florida, testing and sampling initiative in Missouri, our mid-year regulations roundup, depenalization ordinance stopped in Texas, and accuracy in THC labeling in flower versus concentrates.
Ep 26: Innovations in Drying and Curing to Protect Flower Quality
May 27th 2025In this latest installment of Noid Knowledge, we are joined by Dr. Allison Justice, Founder and CEO of the Hemp Mine, and David Sandelman COO, CTO & Co-Founder of Cannatrol. Here, Allison and David discuss innovations in cannabis drying and curing, focusing on the Cannatrol technology which controls vapor pressure, preserving trichome integrity, and flower quality. Additionally, Allison shares how the Cannabis Research Center and Coalition (CRC) is transition to an open-source model to support cultivators, researchers, and home growers.