New York Sen. Jeremy Cooney introduced the first of two bills April 12 that are meant to address banking in the state’s cannabis industry.
S8758, the Cannabis Banking and Disclosure Act, would authorize the New York Office of Cannabis Management to share information about an applicant or licensee with a financial institution that is interested in providing banking services to the industry, according to a Syracuse.com report.
“Allowing financial institutions access to verified information will improve efficiency and compliance in cannabis banking assisting with ‘Know Your Client’ and reporting requirements,” Cooney’s office told the news outlet.
Cooney previously told Syracuse.com that he was working with U.S. Rep. Ed Perlmutter to identify a banking solution for New York’s cannabis industry and financial institutions. Perlmutter’s SAFE Banking Act cleared the U.S. House for the sixth time via an en bloc amendment package to the America COMPETES Act in February, although the legislation has failed to make any meaningful progress in the Senate.
“I’ve been working with SAFE sponsor, Rep. Ed Perlmutter from Colorado, on this issue, and while federal action is needed, I know that we as a state cannot afford to wait,” Cooney said.
Cooney is not the only one looking to tackle cannabis banking reform at the state level; earlier this week, the Pennsylvania Senate approved legislation that would authorize financial institutions and insurers to provide services to that state’s cannabis industry.