New York City 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 programs 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 New York City to thrive, providing a solid foundation for your financial success in this dynamic industry.

2024 Cannabis banking in NYC: Current rules and regulations

New York City’s cannabis industry, including both medical and recreational marijuana sectors, operates within a regulatory framework established by the Marijuana Regulation and Taxation Act (MRTA) signed into law on March 31, 2021. This comprehensive legislation created the Office of Cannabis Management (OCM) governed by a Cannabis Control Board, tasked with overseeing the licensure, cultivation, production, distribution, sale, and taxation of medical, adult-use, and cannabinoid hemp within the state. The regulatory process involves a structured approach for proposing, revising, and adopting regulations, ensuring stakeholder participation through public comments​​​​.

New York City’s legalization of adult-use cannabis is aimed at economic growth and addressing past injustices, focusing on benefiting previously marginalized communities. The state anticipates a cannabis market worth between $1.7 to $3.5 billion, potentially creating up to 43,400 jobs. This initiative places the cannabis industry ahead of the craft brewing sector in employment numbers. Moreover, a $1.7 billion industry could generate around 23,747 jobs and $3.2 billion in economic output. The city has also announced investments to ensure equitable business development in the cannabis sector, with Mayor Eric Adams emphasizing the importance of supporting communities disproportionately impacted by past cannabis criminalization​

Herring Bank, a cannabis banking solution provider for cannabis-related businesses (CRBs) in New York, illustrates the practical aspects of navigating the state’s cannabis banking landscape. With services tailored to the unique needs of New York’s hemp industry, Herring Bank offers a wide range of banking solutions including checking and savings accounts, online banking, cash management, and cannabis 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​​.

This evolving regulatory and banking framework underscores New York City’s efforts to create a safe, responsible, and inclusive cannabis market. With a focus on social justice, public health, and economic development, the state aims to foster a competitive and diverse cannabis industry, providing vital financial services through partners like Herring Bank to ensure the success of cannabis businesses in this dynamic environment.