The New York Office of Cannabis Management (OCM) last week launched the Cannabis Banking Directory, intended to link state-licensed cannabis businesses with banks and credit unions that serve the industry. The program launched was launched by the agency’s Social and Economic Equity (SEE) Team and is designed to increase access to financial services by reducing barriers, to create more financial stability for cannabis operators.
Currently, there are 10 banks included on the list – some regional and some for operators statewide.
In a press release, Felicia A.B. Reid, acting executive director of OCM, said the directory is a “key part” of the agency’s commitment “to fostering a fair, transparent, and sustainable market.”
“New York’s legal cannabis market cannot thrive without access to reliable financial services. The Cannabis Banking Directory is a crucial step toward breaking down barriers and ensuring that our licensed operators have the support they need.” — 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.”
“The Cannabis team at Ponce Bank has worked very hard to develop these critical banking services for our cannabis community,” Naudon said in a statement, “and we appreciate the support of the Office of Cannabis Management for their role guiding us all through these pioneering efforts.”
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