Governor Cuomo takes action to support development of medical marijuana, industrial hemp in NYS

Local News

Governor Cuomo has taken further action to support the development of medical marijuana and industrial hemp businesses in New York. 

Cuomo has directed the Department of Financial Services to provide guidance to support the safe and sound availability of banking services for these businesses. 

This DFS guidance encourages New York State chartered banks and credit unions to consider creating relationships with medical-marijuana related businesses that are operating in compliance with New York State laws. 

Governor Cuomo has been a supporter of medical marijuana and industrial hemp businesses in New York.

In 2017 he signed legislation to ensure industrial hemp would be considered an agricultural product so it would be treated no differently than other crops and seeds. 

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