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Cannabis Banking in New York

Banking isn’t optional for New York cannabis businesses, it’s a lifeline. Operating in cash leaves you exposed to security risks, but it also prevents you from scaling effectively. It puts a constant burden on compliance and accounting teams, too. 

Unfortunately, traditional banks won’t help because cannabis remains illegal at the federal level. You’ll have to look outside the typical avenues for cannabis banking in New York. Learn all about for New York cannabis banking below, and we’ll help you weigh your options.

Across all the top choices for cannabis-friendly banking in New York, you’ll see a common theme: they require increased reporting and compliance demands. That’s where Solvent comes in to help.

We deliver cannabis payment processing and compliance tools specifically built for cannabis businesses so you can manage transactions, stay audit-ready, and grow with confidence. Get in touch today to take the next step!

Why is it So Difficult to Secure Cannabis Banking in New York?

New York legalized adult-use cannabis in 2021 under the Marihuana Regulation and Taxation Act (MRTA). Sales began in late 2022 as the Office of Cannabis Management (OCM) took oversight of licensing and compliance across the state.

The market consists of quite a few key players, from cultivators to dispensaries, delivery operators, product manufacturers, and more. All of these cannabis-related businesses (CRBs) face similar obstacles in securing cannabis banking in New York, though.

This is due to discrepancies in state law and federal law, which still views canabis as a Schedule I controlled substance. The largest US banks refuse to serve CRBs because of risks tied to Bank Secrecy Act (BSA) violations, anti-money laundering (AML) concerns, and regulatory audits.

That said, your options are somewhat limited for New York cannabis banking. Only a few state-chartered financial institutions and fintech platforms have stepped to the plate to provide essential services, ranging from basic checking accounts to more sophisticated solutions.

All eyes remain on the SAFE Banking Act, which would allow banks to serve cannabis businesses without facing federal penalties. This legislation would be a huge turning point for the cannabis industry.

In the meantime, though, you’ll have to settle for a less-traditional approach to cannabis banking in New York. We’ll help you weigh your options below. 

What Banks Are Cannabis Friendly in NY?

Though the big names like Chase or Wells Fargo won’t help, there are a handful of institutions in New York providing financial services to CRBs like yours. Here are the best choices for New York cannabis banking in 2025:

  • Hudson Valley Credit Union: Offers deposit accounts and financial services to CRBs in select New York counties. Known for community engagement and transparent onboarding processes.

  • Herring Bank: Serves cannabis businesses nationwide, including in New York. You get transaction monitoring, secure deposits, and reliable customer support for high-risk accounts.

  • Needham Bank: Based in Massachusetts but expanding to serve New York CRBs. Offers full-service business accounts and merchant services for cannabis operators.

  • Safe Harbor Financial: A fintech provider specializing in cannabis banking. Partners with financial institutions to provide infrastructure for compliance, reporting, and account management.

  • Sunmark Credit Union: Offers deposit and transaction services to licensed cannabis operators in New York with an emphasis on real-time reporting and transparent account maintenance.

  • Suffolk Federal Credit Union: Serves Long Island-based cannabis businesses with small business banking options, online access, and customer service tailored to regulated industries.

These providers have their own fees, service offerings, and onboarding timelines - so you’ll want to take the time to research each option and figure out which best suits your company’s needs. 

If you want to explore options outside of New York state, check out our comprehensive cannabis banking resources. We break down providers in neighboring states like Vermont cannabis banking, New Jersey cannabis banking, cannabis banking in Massachusetts, Connecticut cannabis banking, and Pennsylvania cannabis banking.

Key Criteria in Choosing a New York Cannabis Banking Provider

Choosing a cannabis banking partner in New York isn’t about finding the first institution that says “yes.” You need to be more strategic given the role your banking partner plays in fueling your company’s success. 

The goal is to find the right fit with long-term stability, regulatory alignment, and day-to-day operations in mind. Here are a few things you’ll want to prioritize:

Compliance Support

At the top of your list should be finding a partner that helps you meet OCM and FinCEN standards. Look for transaction monitoring, suspicious activity report support, and compliance dashboards that allow your team to stay audit-ready.

Aside from compliance support, though, overall customer support is of the utmost importance. You don’t want to be left hanging when you have a question about your checking account or need to schedule a cash pickup.

Full Suite of Services

Expect more than the basics for New York cannabis banking. Look for all the features you’d get through traditional banking, including: 

  • Checking, savings, and investment accounts

  • Access to online banking

  • Wire services

  • Payroll support with direct deposit

  • Cash management (pick up and delivery)

  • Financial advice

  • Etc.

You’ll pay more for a wider range of features, but it’s worth every penny you pay in fees because you’re streamlining your business from a financial perspective. 

Seamless Payment Integration

You need to accept legal, electronic payments at checkout. Avoid workarounds like “cashless ATMs.” Look for PIN debit options, in-store and curbside payment flexibility, and compatibility with your POS system.

Real-Time Reporting

Don’t settle for anything less than real-time transaction data. This is critical for reconciliation, forecasting, and tax reporting. Make sure your provider offers downloadable reports in common formats like Excel and PDF.

Transparent Fee Structures

Cannabis banking in New York can be expensive, but surprise fees shouldn't be part of the deal. Choose a provider with flat, predictable rates and no hidden charges. Be sure to weigh options based on the overall value you get - taking fees and features into account simultaneously.

Let Solvent Streamline Payment Processing and Compliance for Stress-Free Banking!

Solvent is an all-in-one platform designed to simplify cannabis transactions and compliance from end to end. We deliver more than just payment terminals. Our system runs on authorized PIN debit networks so you can accept in-store, curbside, or delivery payments legally.

Every transaction is 100% compliant with your dispensary’s DBA name clearly displayed on customer statements. This goes a long way in securing (and keeping) reliable cannabis banking in New York.

You can rest assured you’re audit-ready with our compliance dashboard tracking every transaction and integrating seamlessly with your seed-to-sale system. You can monitor suspicious activity, download SARs, and flag compliance issues before they escalate.

Solvent also offesr document management, role-based user access, direct deposit monitoring, and more. You’ll love how user-friendly the portal is with access to transaction history, fee breakdowns, and reconciliation reports in Excel or PDF whenever you need them.

With US based service available 24/7 you’re never on your own in this complex and confusing industry. You can always get in touch with real people who know this industry and its nuances inside and out.

We work with financial institutions that support CRBs, and we give you the tools to bank with confidence in a high-risk environment. Take the next step today to see how we can help you take control of your payments, stay compliant, and grow your business in New York!

Frequently Asked Questions 

Why Do New York Cannabis Companies Need Banking?

You’ll face constant cash handling, security threats, accounting headaches, and compliance risks wkthout reliable New York cannabis banking.

Why Can’t Cannabis Companies Use Banks Like Chase or Wells Fargo?

Big banks operate under federal charters and won’t touch cannabis accounts due to federal restrictions. They risk BSA violations, audits, and legal penalties if they do. Fortunately, there are alternatives for cannabis banking in New York.

How Does Cannabis Banking Work?

State-chartered banks or credit unions offer financial services under strict compliance frameworks. CRBs have to provide detailed business info, undergo background checks, and submit to ongoing transaction monitoring. It’s a hassle, but it’s a necessary evil.

What is the SAFE Banking Act for Cannabis?

The SAFE Banking Act would protect banks from federal penalties for serving cannabis businesses. It still hasn’t passed even with bipartisan support, though, so the future remains uncertain.

Does Solvent Do Cannabis Loans?

No - and neither do most cannabis-friendly banks in New York, for that matter. We may be able to refer you to a lender we trust, though, so get in touch if you’re looking for guidance on financing. 

How Do You Get Started Leveraging the Solvent Solution?

It’s quick and easy. Contact us for a consultation to see if our solution is right for you. From there we’ll verify your license and business information and get you set up with your secure payment hardware. 

Then, you can access our compliance platform and start accepting legal, trackable payments with complete transparency. Let us help you build a stronger, safer financial foundation for your cannabis business in New York today!

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