New York’s Office of Cannabis Management Launches Cannabis Banking Directory

New York’s legal cannabis industry is expanding, but access to banking remains one of its biggest hurdles. To help licensed cannabis operators find reliable financial solutions, the New York State Office of Cannabis Management (OCM) has launched a Cannabis Banking Directory, a new resource designed to connect businesses with financial institutions that understand the industry’s unique challenges.

This initiative, led by OCM’s Social and Economic Equity (SEE) Team, is a game-changer for cannabis entrepreneurs struggling with financial roadblocks. The directory provides a list of banks and credit unions in New York that are open to working with cannabis businesses, giving dispensary owners, cultivators, and other operators a way to manage transactions securely and efficiently.

Why the Cannabis Banking Directory Matters

One of the biggest challenges for cannabis businesses in the U.S. is the lack of access to traditional banking services. Since cannabis remains federally illegal, many large banks are hesitant to work with cannabis-related businesses, forcing many to operate on a cash-only basis. This not only creates security risks but also limits business growth by making it difficult to secure loans, process payroll, and handle financial transactions.

The Cannabis Banking Directory helps eliminate some of these barriers by offering a curated list of financial institutions that are already serving cannabis businesses in New York. This directory will allow operators to:

Find banks and credit unions that are cannabis-friendly.
Reduce reliance on cash transactions, improving security.
Access financial services such as business accounts, merchant processing, and loans.
Ensure compliance with state regulations by working with institutions familiar with cannabis laws.

The SEE Team’s Commitment to Economic Equity

The Social and Economic Equity (SEE) Team plays a vital role in leveling the playing field for cannabis entrepreneurs, especially those from communities historically affected by cannabis prohibition. By addressing financial accessibility, the team aims to create a more inclusive and sustainable cannabis industry in New York.

According to the SEE Team:

“We are actively working to improve access to banking and financial services for cannabis businesses, addressing one of the industry’s most significant challenges: the lack of reliable financial solutions. To support these businesses, we have developed the Cannabis Banking Directory to connect licensed cannabis operators with financial institutions that cater to the unique needs of the industry.”

For financial institutions interested in being included in the directory, they can contact the SEE Team at SEE@ocm.ny.gov.

How to Access the Cannabis Banking Directory

New York’s Cannabis Banking Directory is available online, making it easy for cannabis business owners to find financial partners that support the industry.

To view the directory and explore banking options, visit the New York State Office of Cannabis Management’s officialwebsite.

By improving financial accessibility, this directory marks a significant step toward stabilizing and professionalizing New York’s cannabis market, ensuring that businesses have the financial tools needed to grow, scale, and succeed.