Las Cruces Cannabis Banking

Herring Bank proudly introduces the Cannabis Banking Program, your trusted solution for navigating the unique financial challenges of the cannabis industry. Our comprehensive suite of banking solutions includes checking and savings accounts for cannabis businesses, ensuring your funds are managed securely. With 24/7 online banking access, you can oversee your operations anytime, anywhere, facilitating seamless consumer payments and electronic tax submissions to keep your business compliant and efficient.

Understanding the nuances of cash flow in the cannabis sector, we offer specialized cash management accounts, coupled with cash pick-up and delivery services, to enhance the safety and convenience of handling large cash transactions. For businesses looking to expand, our cannabis business accounts provide the necessary infrastructure to grow, while our investment options help in maximizing your returns.

Herring Bank supports your workforce with employee accounts, direct deposit payroll, ACH payments, and wire services, streamlining your payroll and payment processes. This comprehensive financial toolkit is designed to empower cannabis businesses in Las Cruces to thrive, providing a solid foundation for your financial success in this dynamic industry.

2024 Cannabis banking in Las Cruces: Current rules and regulations

Las Cruces, New Mexico’s cannabis industry operates within a structured regulatory framework, with its own unique characteristics tailored to the state’s requirements. Governed by the New Mexico Cannabis Control Division, this framework aims to create a robust, responsible, and legal cannabis market. The division is committed to ensuring public safety while promoting good business practices and economic growth within the state. Notably, recreational cannabis became legal in New Mexico on June 29, 2021, marking a significant shift towards a more regulated and accessible cannabis market.

The state quickly moved to set up a regulatory infrastructure, creating the Cannabis Regulatory Advisory Commission and beginning the processing of license applications for various cannabis-related activities by September 1, 2021. By January 1, 2022, New Mexico was already licensing cannabis training and education programs and issuing cannabis server permits, demonstrating the state’s commitment to a well-regulated cannabis industry. Retail sale of commercial cannabis began by April 1, 2022, further establishing the market’s presence in the state​​.

For businesses and individuals looking to navigate the cannabis market in Las Cruces, the state and city offer various resources and opportunities. The City of Las Cruces has enacted specific zoning ordinances to manage where cannabis businesses can operate, ensuring a structured approach to the industry’s growth within city limits​​. Moreover, to support the economic development associated with the cannabis industry, the city and state have introduced grant and loan programs. These programs aim to fund cannabis retail businesses and include the Renovate Main Street Grant Program for storefront improvements within the Metropolitan Redevelopment Area and the State of New Mexico MicroBusiness program, which offers affordable loans to licensed cannabis microbusinesses, with a particular focus on supporting rural, impoverished communities, and minority business owners​​.

This evolving regulatory and banking framework underscores efforts in Las Cruces and the wider New Mexico area to create a safe, responsible, and inclusive cannabis market. With a focus on public health, social justice, and economic development, the state and city are fostering a competitive and diverse cannabis industry.

Herring Bank, a cannabis banking solution provider for cannabis-related businesses (CRBs) in Las Cruces, provides expertise to CRBs to help navigate the state’s cannabis banking landscape. With services tailored to the unique needs of Las Cruces’ hemp industry, Herring Bank offers a wide range of banking solutions including checking and savings accounts, online banking, cash management, and business programs designed to support the growth of CRBs. Their services reflect an in-depth understanding of the industry’s complexities and a commitment to facilitating compliance and operational efficiency for businesses engaged in cannabis banking​​.