The New York Office of Cannabis Management (OCM) has launched the Cannabis Banking Directory, a new initiative aimed at connecting state-licensed cannabis businesses with banks and credit unions willing to serve the industry. The program, developed by OCM’s Social and Economic Equity (SEE) Team, seeks to reduce financial barriers and create greater stability for cannabis operators.
Currently, 10 banks—some regional and some serving businesses statewide—are included in the directory. The initiative is part of OCM’s broader commitment to building a fair and sustainable cannabis market in New York.
“New York’s legal cannabis market cannot thrive without access to reliable financial services,” said Felicia A.B. Reid, OCM’s acting executive director, in a press release. “The Cannabis Banking Directory is a crucial step toward breaking down barriers and ensuring that our licensed operators have the support they need.”
Industry leaders welcomed the move. Ed Martel, chief operating officer of Jonestown Bank & Trust Co., called the directory “a positive step forward” for the cannabis sector. Carlos Naudon, president and CEO of Ponce Bank, noted that the directory will help banks connect with an industry that has historically faced challenges in securing financial services.
The launch of the Cannabis Banking Directory marks an important milestone for New York’s cannabis businesses, offering them more reliable financial resources as the industry continues to evolve.
