Governor Directs Department of Financial Services to Encourage New York State-Chartered Banks and Credit Unions to Provide Banking Services for New York’s Regulated Medical Marijuana and Industrial Hemp Businesses
DFS Will Not Impose Regulatory Action on Any New York State-Chartered Bank or Credit Union for Establishing a Banking Relationship with a Medical Marijuana-Related Business That Complies with Federal and State Laws.
“[The Department of Financial Services] will not impose any regulatory action on any New York State chartered bank or credit union for establishing a banking relationship with a medical marijuana-related business that operates a compliant business in New York, as long as the New York State chartered bank or credit union complies with the requirements of:
The 2014 Financial Crimes Enforcement Network guidance;
The guidance and priorities set forth in the Department of Justice’s 2013 memorandum from Deputy Attorney General James M. Cole; and;
Is subject to the institution’s own evaluation of the risks associated with offering products and services and its ability and systems to effectively manage those risks – as all DFS-regulated institutions do with regard to all their banking relationships.”
Marijuana prices must be approved by the Department of Health.
New York State Worker’s Compensation Board allows for reimbursement of medical marijuana treatment.
Medical Marijuana Supply
Patients can purchase up to a 30-day supply of medical marijuana. The practitioner can limit dosing recommendations, and/or issue the certification for a specified date that is less than a year. The exact amount of marijuana to be purchased is determined by the physician.
Prohibited: flower (intact flower – ground flower is acceptable), edibles
Certified patients registering with the Department’s Medical Marijuana Program may designate up to 2 (two) caregivers. The designated caregiver must also register with the Department to receive a registry identification card. Designated caregivers with a valid registry identification card may assist the patient with the possession, acquisition, delivery, transfer, transportation and/or administration of approved medical marijuana products.
24 grams of concentrated cannabis (oils, tinctures, edibles, vapes, etc.)
Adults 21 years or older can grow up to 6 (six) plants in their home for personal use.
3 (three) mature plants and 3 (immature plants).
The maximum is 12 (twelve) plants per household – 6 (six) mature plants and 6 (six) immature plants.
Home cultivation of cannabis plants is not allowed immediately. Pursuant to MRTA, the home cultivation of cannabis plants may only be permitted after the Office of Cannabis Management issues regulations governing home cultivation of cannabis, which must be no later than 18 months after the first adult-use retail sale.
Local municipalities may enact and enforce regulations relating to home cultivation of cannabis provided, no municipality may completely ban or prohibit home cultivation. Cities, towns, and villages can also opt-out of allowing adult-use cannabis retail dispensaries or on-site consumption licenses from locating within their jurisdictions. Municipalities cannot opt-out of adult-use legalization. To opt-out of allowing adult-use cannabis retail dispensaries or on-site consumption licenses, a municipality must pass a local law by December 31, 2021 or 9 (nine) months after the effective date of the legislation.
Legal sales are expected to begin in late 2022 at the earliest.
February 22, 2022 – the Adult-Use Conditional Cultivator License was signed into law. This allows eligible hemp growers and processors to apply to grow, process and manufacture products containing over 0.3% THC for the upcoming adult-use market in New York: