Governor Andrew Cuomo today announced further action to support the
development of medical marijuana and industrial hemp businesses in New
York, directing the Department of Financial Services to provide guidance
to support the safe and sound provision of banking services for these
businesses.
The DFS guidance issued today encourages New York State
chartered banks and credit unions to consider establishing banking
relationships with medical marijuana-related businesses that are
operating in New York in full compliance with all applicable New York
State laws and regulations, including the New York Compassionate Care
Act, and the applicable regulations and requirements of the New York
State Department of Health.
Today's guidance also encourages New York
State-chartered banks and credit unions to support the development of
industrial hemp businesses statewide, continuing this significant
economic development goal of New York State.
Click here for the full announcement.
Source: The Office of Governor Andrew M. Cuomo
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