Post date: 7/26/2018

While the federal government is showing no signs of working with the legal marijuana industry, some states and individual banks have been doing it anyway. Recently the medical marijuana payment processing industry got a new ally, and it’s a pretty big one.

New York state’s top financial officials have joined many in the private sector in the plea to get banks to start working with the legal cannabis industry. Many banks still fear possible retribution from the federal government. Those in New York though are saying that shouldn’t be the case. In fact, earlier this month New York’s Department of Financial Services issued new guidance to encourage state-chartered banks and credit unions to provide access to the marijuana industry.

In the memo, they brought up some of the biggest financial issues the marijuana industry is dealing with. Those include the safety issue with it being a cash-only business. In order to combat this, New York’s Department of Financial Services will not sanction any state-chartered bank or credit union that offers services to a New York-based medical cannabis firm. The cannabis institution must be in compliance with:

  • The guidance provided by the 2013 Department of Justice memo from then-Deputy Attorney General James Cole.
  • The 2014 Financial Crimes Enforcement Network guidance.
  • New York laws and regulations.

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