Santa Fe Cannabis Banking

Herring Bank is excited to launch the Cannabis Banking Program in Santa Fe, a dedicated suite of banking services tailored for the distinct financial landscape of the cannabis industry. This program offers checking and savings accounts specifically for cannabis businesses, ensuring secure management of your finances. With around-the-clock online banking, you have the flexibility to manage your business finances at any time and from anywhere, enabling effortless consumer transactions and electronic tax filings to maintain compliance and operational efficiency.

Recognizing the particular cash flow dynamics within the cannabis sector, we provide specialized cash management accounts, along with cash pick-up and delivery services, to improve the safety and convenience of large cash dealings. For businesses aiming to scale, our cannabis business accounts offer the essential infrastructure needed for growth, and our investment opportunities are designed to optimize your financial returns.

Herring Bank is here to support your team with employee accounts, direct deposit payroll, ACH payments, and wire transfer services, simplifying your payroll and payment systems. This all-inclusive financial toolkit is crafted to empower Santa Fe’s cannabis businesses to flourish, laying a robust financial groundwork for success in this vibrant industry.

2024 Cannabis banking in Santa Fe: Current rules and regulations

In Santa Fe, New Mexico, the legalization of adult-use cannabis has been in effect since April 1, 2022, following Governor Michelle Lujan Grisham’s signing of the Cannabis Regulation Act on April 12, 2021. This legislation not only legalized the cultivation, manufacturing, purchasing, possession, and consumption of recreational cannabis for adults aged 21 and older but also combined the regulation of both adult-use and medical cannabis into one commercial cannabis framework, administered by the Cannabis Control Division​​​​.

The economic impact of cannabis legalization in New Mexico has been significant, with the state seeing $300 million in adult-use cannabis sales in its first year. This has generated substantial economic activity across communities, increased the number of businesses, and created thousands of jobs. As of March 2023, more than $27 million in cannabis excise taxes have been contributed to the state general fund and local communities. Albuquerque, Las Cruces, and Santa Fe have seen the largest number of sales, with even smaller communities benefiting greatly from the industry​​.

In Santa Fe, adults over 21 may purchase cannabis from licensed dispensaries. The city has also passed zoning ordinances in line with state law. However, there are restrictions, such as the prohibition of cannabis consumption in public spaces and driving under the influence. Residents can have up to 2 ounces of cannabis, 16 grams of concentrate, and 800 mg of edibles on their person, with any additional cannabis required to be stored at home​​.

The legalization has been seen as a public health measure, with standards and regulations aimed at protecting consumers, ensuring product quality, and reducing the illicit market. The law also includes provisions for social justice, such as the expungement of past low-level cannabis convictions, aiming to correct the injustices caused by previous drug policies​​.

This transformation in the cannabis policy landscape in Santa Fe and New Mexico at large represents a shift towards creating a regulated, safe, and economically beneficial industry, with ongoing developments expected to continue contributing positively to the state’s economy and social fabric.

Herring Bank, a cannabis banking solution provider for cannabis-related businesses (CRBs) in Santa Fe, exemplifies the intricacies of maneuvering through Santa Fe’s cannabis banking environment. Tailoring its services to meet the specific demands of Santa Fe’s growing hemp sector, Herring Bank provides a comprehensive suite of banking solutions. These include checking and savings accounts, online banking, cash management, and business programs aimed at bolstering the development of CRBs. Their offerings demonstrate a profound grasp of the sector’s challenges and a dedication to enhancing compliance and operational effectiveness for businesses involved in cannabis banking.