Comprehensive Banking Solutions for New Mexico Cannabis-Related Businesses (CRBs)
Herring Bank delivers tailored financial services to meet the unique needs of cannabis-related businesses in New Mexico. With a deep understanding of the challenges faced by CRBs, Herring Bank provides innovative and secure solutions to support their operations, compliance, and growth.
Customized Financial Accounts
Herring Bank offers specialized checking and savings accounts designed specifically for the cannabis industry. These accounts ensure compliant and efficient management of funds, helping CRBs streamline their financial operations with security and ease.
Advanced Online Banking
In today’s digital-first business environment, Herring Bank’s 24/7 online banking platform empowers CRBs to manage their financial activities anytime, anywhere. From routine transactions to complex financial management, this cutting-edge platform ensures uninterrupted operations and supports scalability.
Robust Cash Management and Security
Addressing the cash-heavy nature of the cannabis industry, Herring Bank provides advanced cash management solutions. Secure cash transport services minimize risks associated with handling large amounts of cash, while specialized cash management accounts optimize cash flow and liquidity, ensuring financial stability.
Workforce Financial Management
To simplify employee payroll and payment processes, Herring Bank offers comprehensive workforce financial solutions. Services include employee accounts, direct deposit, ACH payments, and wire transfers, ensuring accurate and timely payments that boost employee satisfaction and operational efficiency.
Commitment to Compliance and Partnership
Herring Bank prioritizes regulatory compliance, working hand-in-hand with CRBs to navigate state and federal regulations. This commitment to compliance safeguards both the bank and its clients while promoting a stable, legitimate cannabis market in New Mexico.
Why Choose Herring Bank?
By partnering with Herring Bank, New Mexico’s CRBs gain access to a reliable financial institution that understands their specific needs. With a comprehensive suite of tools and services, Herring Bank helps cannabis businesses maintain operational efficiency, adhere to compliance standards, and achieve their growth aspirations in a competitive industry.
Note: Lending is evaluated on a case-by-case basis. Contact your account manager for more details.
Marijuana Banking in New Mexico
Revolutionizing Financial Services for New Mexico’s Cannabis Industry
Herring Bank is proud to introduce a groundbreaking Cannabis Banking Program in New Mexico, designed to address the unique complexities of the cannabis business landscape. This program provides cannabis enterprises with a range of tailored financial solutions, offering secure and compliant banking services that meet industry-specific requirements. From customized business accounts to innovative tools that simplify day-to-day operations, Herring Bank ensures cannabis businesses have the resources they need to thrive.
Empowering Cannabis Businesses with Smarter Financial Tools
Herring Bank’s program delivers unmatched convenience through its advanced digital banking platform, allowing cannabis companies to manage their financial operations seamlessly. Businesses can track and control transactions, schedule payments, and maintain a real-time overview of their accounts—all from a single, user-friendly interface. This level of accessibility is critical in an industry that demands efficiency and agility.
Your Trusted Partner in the Cannabis Sector
Herring Bank’s Cannabis Banking Program is more than just a set of services—it’s a commitment to empowering New Mexico’s cannabis businesses. By addressing the unique financial challenges of the industry with customized, secure, and compliant solutions, Herring Bank positions itself as a trusted partner ready to help cannabis companies reach new heights.
Discover how Herring Bank can transform the way your cannabis business manages its finances, fostering long-term success and sustainability.
2024 Cannabis banking in New Mexico: Current rules and regulations
Cannabis in New Mexico transitioned to legal status for recreational use on June 29, 2021, following the signing of the Cannabis Regulation Act by Governor Michelle Lujan Grisham on April 12, 2021. This legislative change paved the way for the commencement of licensed recreational cannabis sales on April 1, 2022, marking a significant shift in the state’s approach to cannabis. Previously, medical use was legalized in 2007, and New Mexico was the first state to enact a medical cannabis law through the Controlled Substances Therapeutic Research Act in 1978, despite the program’s limitations due to federal approval requirements.
Efforts to legalize recreational use saw a major breakthrough in 2019 with the House of Representatives passing a bill for the first time, though it stalled in the Senate. Subsequent decriminalization measures in 2019 reduced penalties for possession and introduced reforms for the medical cannabis program, setting the stage for full legalization. The Cannabis Legalization Working Group formed by Governor Lujan Grisham in June 2019 played a crucial role in shaping the framework for legalization, culminating in the enactment of the Cannabis Regulation Act in 2021.
Local municipalities have also taken steps towards reform, with Santa Fe and Albuquerque decriminalizing possession of small amounts and advocating for state-level legalization. The first day of legal recreational sales was celebrated by Governor Lujan Grisham in Albuquerque, highlighting the state’s transition towards a regulated cannabis market aimed at ensuring public safety and generating economic benefits. This shift not only reflects New Mexico’s evolving stance on cannabis but also its commitment to addressing past convictions and promoting a more equitable approach to cannabis consumption and commerce.
Ready to discuss how we can help you and your Cannabis Business in New Mexico?
Colorado Cannabis Banking & Armored Courier Services:
Colorado Springs, Denver, Aurora, Pueblo, Arvada
California Cannabis Banking & Armored Courier Services:
Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana, Riverside, Stockton, Chula Vista, Irvine, Oakland,
Other Markets We Provide Armored Courier & Cannabis Banking Services to:
Alabama, Alaska, Albany, Albuquerque , Anaconda, Billings, Boston, Bozeman, Buffalo, New York City, Detroit, Flagstaff, Grand Rapids, Gulfport, Jacksonville, Jersey City, Las Cruces, Miami, Montana, Newark, Santa Fe, Oklahoma City, Las Vegas NM, Portland, Silver City, Carlsbad, Philadelphia, Phoenix, Scottsdale, Clovis, Orlando, Tulsa, Ann Arbor, Colorado, New Mexico, Michigan, Illinois, Massachusetts, Minnesota, Missouri, Oregon, Virginia, Washington, Nevada, Kentucky, Vermont, Delaware, Espanola, Farmington, Arizona, Arkansas, Baton Rouge, Connecticut,
