Medical marijuana and industrial hemp businesses need banking services as much as other businesses do. (Photo: Shutterstock)

On July 3, New York's Gov. Andrew M. Cuomo directed the state's Department of Financial Services (DFS)  to support the development of medical marijuana and industrial hemp businesses by issuing guidance regarding what his statement announcing the guidance called the "safe and sound provision of banking services for these businesses."

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Rosalie Donlon

Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU PropertyCasualty360.com. You can contact her at [email protected].