The New York State Office of Cannabis Management (“OCM”) recently announced it has created a Cannabis Banking Directory (the “Directory”), which currently lists 10 financial institutions servicing cannabis businesses and open to new clients as New York’s market expands.
OCM’s Social and Economic Equity (“SEE”) Team launched this new resource as a means to connect licensed cannabis businesses with banks and credit unions willing to work with the industry, even as federal prohibition continues to pose barriers to financial services.
This initiative, announced Feb. 5, 2025, is part of OCM’s strategic efforts to reduce regulatory barriers and improve financial stability for cannabis businesses. The lack of accessible, compliant financial services has been a challenge for licensed operators, complicating essential operations and transparency. The Directory addresses these issues by bridging the gap between cannabis entrepreneurs and financial institutions that understand the unique needs of the industry.
The banks and credit unions currently included in the Directory are listed below.
Financial institutions that would like to be included in the directory should contact the SEE Team at SEE@ocm.ny.gov.
