Cannabis Business Banking in New Mexico
- New Mexico Cannabis
- Cannabis Business in NM
- Cannabis Business Banking in New Mexico
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Key Points
- Banking for cannabis businesses in New Mexico is overseen by the Financial Institutions Division and the Attorney General’s office.
- New Mexico's Administrative Code (Title 16, Chapter 8, Part 2) sets the rules for cannabis business operations, including financial management.
How Banking Works for Cannabis-Related Businesses in New Mexico
In New Mexico, banking for cannabis businesses is regulated by both the Financial Institutions Division and the Attorney General’s office. The Department of Banking is responsible for making sure that financial institutions follow the state’s laws, including those that apply to cannabis. Meanwhile, the Attorney General’s office helps guide these institutions on the legal aspects of cannabis banking. On top of that, New Mexico's Administrative Code—specifically Title 16, Chapter 8, Part 2—sets the rules for licensing and operational procedures for cannabis businesses, including how they manage financial matters. These efforts help integrate cannabis businesses into the state’s legal and financial systems while ensuring transparency and compliance.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in NM | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| BlueSky Bank | Bank |
| Carlsbad National Bank | Bank |
| Centennial Bank | Bank |
| Chase (CBD Only) | Bank |
| Farmers Bank & Trust | Bank |
| First Citizens Bank | Bank |
| Green Check | FINTECH |
| Herring Bank | Bank |
| Rio Grande Credit Union | Credit Union |
| Safe Harbor Financial | FINTECH |
| Shore United Bank | Bank |
| U.S. Eagle Federal Credit Union | Credit Union |
- Are you a New Mexico-licensed financial institution providing banking services to cannabis-related businesses? Request to be listed .
Contact a Banker To Discuss Your Business Needs
Reach out with any questions!Payment Methods and Banking Issues in New Mexico
Due to federal banking restrictions, dispensaries, CBD shops, and hemp retailers primarily operate on a cash-only basis. To help customers, many establishments provide on-site ATMs, and some dispensaries offer debit card payment systems. However, the availability of these payment options depends on the location and specific business policies. While hemp-derived CBD products with less than 0.3% THC are federally legal, the cannabis industry's high-risk status often results in higher processing fees and more stringent payment terms.
Key Requirements for Banks Serving Cannabis-Related Businesses in New Mexico:
Banks serving cannabis-related businesses (CRBs) in New Mexico must comply with federal regulations like the Bank Secrecy Act (BSA) and USA PATRIOT Act, which require anti-money laundering (AML) and know-your-customer (KYC) procedures. They must verify that CRBs hold valid licenses from the New Mexico Cannabis Control Division and perform enhanced due diligence, including background checks on business owners. Banks must also monitor transactions for suspicious activity and file Suspicious Activity Reports (SARs) with FinCEN. Additionally, financial institutions must conduct risk assessments to ensure CRBs are compliant with state laws and financially stable.