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Table of contents
Introduction
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.”
Cannabis Banking Directory Support
Several financial institutions expressed their enthusiasm in supporting of the new banking directory:
Stearns Bank
“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.”
Ponce Bank
“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.”
Hanover Bank
“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.
How to Get Listed the New York Cannabis Banking Directory
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.
Final Thoughts
The launch of the New York Cannabis Banking Directory marks a significant milestone in fostering a transparent, equitable, and well-supported cannabis marketplace. With improved access to reliable financial institutions, licensed operators and ancillary cannabis businesses now have essential tools to navigate a historically challenging aspect of compliance and growth.
As the state’s legal cannabis program continues to evolve, financial clarity and operational readiness will be key differentiators for success. At Catalyst BC, we help cannabis entrepreneurs stay ahead of changing regulations, secure vital partnerships, and operate with confidence in a competitive market.
If you’re a New York cannabis licensee or planning to enter the market, our team of seasoned consultants can guide you through banking compliance, licensing support, and long-term operational strategy.
Learn more about our New York cannabis consulting services or schedule your complimentary consultation today to ensure your cannabis business is set up for financial stability and long-term success.
New York Cannabis Banking Directory FAQs
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.
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.
Catalyst BC’s 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.
Yes. Our team of operational advisors and technical writers will craft a comprehensive, compliant, and unique application.
Visit our New York cannabis page to learn more about local laws and regulations, license types, fees, and more.
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.
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.
The Office of Cannabis Management Enforcement Division who upholds New York’s cannabis laws and regulations.
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.
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.
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.
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