Tuesday, July 3, 2018

Actions Taken to Support Development of Medical Marijuana and Industrial Hemp Businesses in New York

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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