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In early July the New York State Department of Financial Services issued a memo giving guidance to banking institutions hesitant to provide financial services to the medical marijuana industry. The memo, signed by the state’s Superintendent of Financial Services, Maria T. Vullo encouraged banks and credit unions to open relationships with legal cannabis businesses in spite of the drug’s Schedule I status under the Controlled Substances Act, under federal law.
According to Vullo, New York will not impose any regulatory action on financial institutions that choose to support the medical marijuana sector, so long as both parties continue to operate within the law.