OPEN LETTER: DEAR BANKS…
Dear Banks, Credit Unions, & Financial Institutions,
You love to talk about community.
You love to talk about small business.
You love to talk about growth, inclusion, and local economies.
But when it comes to New York’s legal cannabis industry, you disappear.
These businesses are licensed by the state. Regulated. Taxed aggressively. Audited constantly. They employ New Yorkers, lease New York property, and generate real revenue in real neighborhoods.
Yet banks still treat them like radioactive waste.
You’ll take their deposits, sometimes.
You’ll cash their checks, carefully.
But lending? Mortgages? Lines of credit? That’s where you draw the line.
So, cannabis operators pay more.
They lease when others buy.
They rely on private lenders rather than institutional lenders.
They carry cash because you won’t carry them.
That isn’t risk management. That’s selective participation.
You finance bars that overserve.
You finance liquor chains that fuel addiction.
You finance industries that collapse and get bailed out.
But a licensed cannabis business with state approval and documented revenue?
Too risky.
New York didn’t legalize cannabis halfway. The banking system did.
Until you step up, this market stays distorted. Growth favors the already-wealthy. Equity applicants get squeezed. Small operators stall out while larger players muscle through with private capital.
Cannabis doesn’t need sympathy.
It needs fair access.
Until then, don’t call this a free market.
Call it what it is: a locked door with a welcome sign taped to the glass.
Signed,
An industry that’s done asking politely
Cynthia Saarie, CEO
#banking #cannabisbanking #creditunions #financial #bestcopynow