On February 7, 2025, the New York State Office of Cannabis Management (OCM) announced the release of the Cannabis Banking Directory. The Directory was developed by the Social and Economic Equity (SEE) Team 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.”
Several financial institutions expressed their enthusiasm in supporting of the new banking 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 New York 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 or reach out directly to the New York State Office of Cannabis Management (OCM) for assistance.
Cannabis for recreational purposes was legalized in New York state in 2021. To learn more about becoming a licensed New York cannabis business owner, visit our New York Cannabis Consulting Page.
Additional Resources
FAQs
Who are the cannabis regulatory agencies in New York?
The New York State Office of Cannabis Management (OCM) was established upon passage of the Marijuana Regulation and Taxation Act (MRTA) in March 2021 to implement a regulatory framework for medical and adult-use cannabis and hemp in the state of New York.
If I want to apply for a New York Cannabis License where do I start?
Start by booking a complimentary consultation with our New York consulting team. From securing municipal approvals, and applying for and receiving a cannabis license, to developing SOPs and facility designs, there are significant considerations involved. Our consultants provide end-to-end support to help you launch and sustain your New York based cannabis business.
What services do our New York Cannabis Consultants provide?
Our consultants offer cannabis business planning, application writing, facility design, municipal approval, operational guidance, and cannabis M&A advisory services to help you achieve your goals in the cannabis industry. View our services page for more information.
Do our New York Cannabis Consultants assist with cannabis applications and licensing?
Yes. Our team of operational advisors and technical writers will craft a comprehensive, compliant, and unique application.
Where can I find more information on opening a cannabis business in New York?
Visit our New York cannabis page to learn more about local laws and regulations, license types, fees, and more.
How do I reach your New York cannabis consulting team?
Our consulting team offers a complimentary consultation and is excited to partner with you in your journey. Contact us to set up your consultation call today.
What is NYS OCM enforcement?
The Office of Cannabis Management Enforcement Division who upholds New York’s cannabis laws and regulations
Is recreational cannabis legal in New York?
Yes, recreational cannabis has been legal in New York since 2021. It can only be purchased legally at state-approved dispensaries.
• New York has allowed medical marijuana since 2016.
• In 2021, New York legalized recreational marijuana.
• As of 2022, recreational cannabis is sold legally in New York, including on Native American reservations.
• Recreational cannabis is only available for purchase at state-approved dispensaries.
Where do I find more information on the process of applying for a cannabis license?
The cannabis business licensing application process is complex and demands meticulous planning, regulatory compliance, and operational expertise. Numerous variables and intricate details must align with the framework established by cannabis regulators and local authorities. Learn more about the process here.
What is the cannabis cultivation law in NYS?
New Yorkers 21 years and older can grow up to six plants in their home for personal use (3 mature plants and 3 immature plants) and a maximum of twelve plants per household (6 mature plants and 6 immature plants), even if there are three or more adults 21 and over in the residence.
How hard is it to get a cannabis license in NY?
To obtain a license, applicants must meet all eligibility requirements and submit a competitive application. If you do not meet the eligibility requirements for a license, or you apply and are not selected, you may have other opportunities to apply for an adult-use cannabis license in the future.
