New York Officials Launch Cannabis Banking Directory to Support Licensed Operators

New York is taking another step toward stabilizing its cannabis industry. The state’s Office of Cannabis Management (OCM) has rolled out a Cannabis Banking Directory, a new initiative aimed at helping licensed cannabis businesses secure financial services. With access to traditional banking still a challenge for many in the sector, this directory is designed to connect operators with banks and credit unions willing to work with them.

Addressing a Major Roadblock for Cannabis Businesses

Finding a bank that’s open to working with cannabis businesses has been a persistent issue. Even though New York has a legal cannabis market, many financial institutions hesitate to engage with the industry due to federal restrictions and regulatory concerns. This has left many operators relying on cash transactions, creating logistical headaches and security risks.

The Cannabis Banking Directory, launched by OCM’s Social and Economic Equity (SEE) Team, is meant to remove some of those barriers. By providing a vetted list of financial institutions, the directory gives businesses more banking options, reducing their reliance on cash and improving overall financial stability.

Who’s on the List?

As of now, the directory includes 10 banks—some serving regional clients, others available to cannabis businesses statewide. While the full list has not been publicly disclosed in the initial announcement, officials say the participating banks have already demonstrated a willingness to support the industry.

Felicia A.B. Reid, OCM’s acting executive director, emphasized the importance of this initiative in leveling the playing field for cannabis operators.

“New York’s legal cannabis market cannot thrive without access to reliable financial services. The Cannabis Banking Directory is a crucial step toward breaking down barriers and ensuring that our licensed operators have the support they need,” Reid said in a statement.

Industry Leaders Respond to the Initiative

For financial institutions already engaged in cannabis banking, this directory signals progress. Jonestown Bank & Trust Co., one of the participating banks, has been working with cannabis-related businesses for seven years. Their chief operating officer, Ed Martel, called the move “a positive step forward” for an industry that still struggles with financial access.

Carlos Naudon, president and CEO of Ponce Bank, echoed similar sentiments. He pointed out that many individuals in the cannabis space have long struggled to find banking services, and this directory will help bridge that gap.

“The Cannabis team at Ponce Bank has worked very hard to develop these critical banking services for our cannabis community,” Naudon stated. “We appreciate the support of the Office of Cannabis Management for their role guiding us all through these pioneering efforts.”

What This Means for New York’s Cannabis Market

For cannabis businesses in New York, this directory could mark a turning point. Secure banking means more than just a place to store money. It enables businesses to process digital payments, apply for loans, and operate with greater transparency.

Some key benefits operators can expect:

• Less reliance on cash – Reducing security risks and improving record-keeping.
• Easier access to loans – Helping businesses expand without needing private investors.
• Better financial tracking – Improving compliance with tax and regulatory requirements.

While challenges remain—federal banking laws still prohibit many large financial institutions from working with cannabis companies—New York’s effort provides a much-needed lifeline for local operators.

The success of this directory will likely depend on whether more banks join the initiative and how well businesses can integrate these services into their operations. But for now, it’s a step in the right direction for a market that has struggled with financial barriers since legalization.