The New York State Office of Cannabis Management proposed regulations today that will prioritize granting retail licenses for the sale of recreational marijuana to businesses operated by individuals with previous marijuana convictions under New York’s drug laws.
Following the announcement, New York Credit Union Association President/CEO William J. Mellin issued the following statement:
Today’s announcement by the Office of Cannabis Management stating that it will prioritize licenses for businesses operated by individuals previously convicted under New York’s drug laws underscores the state’s commitment to using cannabis reform to spark investment in disadvantaged communities. It also underscores the urgent need for federal policy makers to legalize banking services for these businesses. Credit unions and their volunteer boards of directors should not have to choose between refusing to provide services to these businesses or violating federal law. We urge our federal elected representatives to take action now.
About the New York Credit Union Association:
For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $100 billion in assets and serve 6 million members. NYCUA advances the credit union movement by advocating, educating, uniting and supporting the interests of all New York credit unions. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.yourmoneyfurther.com.
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