The New York Credit Union Association is analyzing New York state’s adult-use recreational marijuana bill (S854A, A1248A) introduced in the state Legislature. Gov. Andrew Cuomo is expected to sign the bill as early as this week.

“This legislation has important implications for credit unions as both employers and financial institutions that will be asked to provide services for this new industry,” said William J. Mellin, Association president/CEO. “We are analyzing the bill and will be working closely with regulators and policy makers on both the state and federal level to ensure this new industry is implemented in a safe, efficient and thoughtful manner that takes credit unions into consideration.”

The Association has been engaged on the issue of marijuana banking for years, working to ensure credit unions can legally serve the marijuana industry where it is legal to do so. The Association continues to advocate for a federal framework established through legislation to allow credit unions to serve the industry.

According to the governor’s office, the legislation would establish the Office of Cannabis Management to implement a comprehensive regulatory framework that would cover medical, adult-use and cannabinoid hemp. The bill would also expand New York state’s existing medical marijuana and cannabinoid hemp programs. 

Further, the legislation provides licensing for marijuana producers, distributors, retailers and other actors in the cannabis market and creates a social and economic equity program to assist individuals disproportionately impacted by cannabis enforcement who want to participate in the industry, according to the governor’s office.