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.
Harris Beach Murtha’s Cannabis Industry Team will continue monitoring this development and related matters. If you have any questions for our Cannabis Industry Team or need help on cannabis-related matters, please reach out to attorney Francis (“FL”) Gorman at (585) 419-8628 and flgorman@harrisbeachmurtha.com; attorney Michael Discenza at (212) 912-3605 and mdiscenza@harrisbeachmurtha.com; or the Harris Beach Murtha attorney with whom you most frequently work.
This alert does not purport to be a substitute for advice of counsel on specific matters.
Harris Beach Murtha’s lawyers and consultants practice from offices throughout Connecticut in Bantam, Hartford, New Haven and Stamford; New York state in Albany, Buffalo, Ithaca, New York City, Rochester, Saratoga Springs, Syracuse, Long Island and White Plains, as well as in Boston, Massachusetts, Newark, New Jersey and Washington, D.C.
| Firm | Contact Information | Regions Served | Cannabis Services Offered |
| AmeriCU Credit Union americu.org/cannabis-banking | Gail Rizzo-Spilka AVP, Membership Development Phone: (315) 281-6507 Email: specialtyaccounts@americu.org | All Regions | CheckingSavings Money MarketsCash CourierCash Management Services |
| Dart Bank dart.bank | Ross Sloan SVP & Specialty Banking Officer Phone: (517) 676-3661 Email: banking@dartbank.com | All Regions | Deposit AccountsCash Management Services (Payment processing for non-plant touching) |
| Hanover Bank 80 East Jericho Tpke Mineola, NY 11501 hanoverbank.com | Peter Su Director of Specialty Banking Phone: (516) 888-0681 Email: psu@hanoverbank.com | All Regions | Full Service Commercial Banking including treasury management via wires, ACH, etc.Cash management either through branch network or CIT if appropriate. CRE and/or C&I lending available (Must qualify via underwriting) |
| Jonestown Bank & Trust Co. (JBT) P.O. Box 717 Jonestown, PA 17038 jbt.bank/cannabis-industry | Ashley Hess VP, Cannabis Banking Manager Phone: (717) 274-5180 Email: CannabisBanking@jbt.bank | All Regions | Business AccountsBusiness Owner AccountsCash in transit contractsCash Management Services (including ACH & Wire)Fraud ProtectionDebit CardsLimited Lending using real estate as collateral |
| National Bank of Coxsackie P.O. Box 400 Coxsackie, NY 12051 nbcoxsackie.com | Sarah McGrath BSA Officer/Accredited Cannabis Banker Phone: (518) 731-6161 Email: smcgrath@nbcoxsackie.com | Capital District; Central New York; Mid-Hudson; New York City; Southern Tier | Business AccountsLoans & Cash Management Services |
| Ponce Bank 2244 Westchester Avenue Bronx, NY 10462 poncebank.com | Jason Olmeda VP BSA Officer Email: contact.center@poncebank.net | Long Island; Mid-Hudson; New York City; Southern Tier | Business Checking Account for pre-licensedBusiness Checking Account for licensedCash Management Services (ACH credit origination, wires, courier services, positive pay, merchant services) |
| Southern Chautauqua Federal Credit Union 1283 East Second Street Jamestown, NY 14701 665-7000.com | Lindsay Hubbard Chief Compliance Officer Phone: (716)665-7000 Email: LHubbard@665-7000.com | Western New York | Business Checking AccountInvestmentsOnline Banking |
| Stearns Bank N.A. stearnsbank.com | Phone: 1(800)320-7262 Email: cannabiscompliance@stearnsbank.com | All Regions | Business AccountsLoansCash Management Services |
| Suffolk Credit Union 3681 Horseblock Road Medford, NY 11763 suffolkcu.org | Micah Schlendorf AVP Business Development Phone: (631) 730-3419 Email: cbb@suffolkcu.org | Long Island | Business Checking & Saving AccountsDebit CardBasic Cash Management Services |
| Valley Bank 80 E. Ridgewood Ave Paramus, NJ 07652 valley.com | Caroline Colone Head of Specialty Banking Services Phone: (973) 872-4567 Email: crb@valley.com | All Regions | All Commercial Services – Full treasury wallet share; EXCEPT Merchant Services |
