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New York Governor  Andrew M. Cuomo has directed the state’s Department of Financial Services to advise the local finance sector on how to support banking services for medical cannabis and industrial hemp businesses.

While the Governor has been very active in supporting both industries while in office, cannabusinesses have still been experiencing problems with accessing services from financial institutions. This is because cannabis is still listed on Schedule I under the Federal Controlled Substances Act. With regard to industrial hemp specifically, while the cultivation, marketing and sale of  the crop is legal under both Federal and New York State law when carried out in connection to research purposes, the Schedule I confusion remains a problem*, scaring banks away.