Albuquerque Cannabis Banking

Herring Bank’s Cannabis Banking program in Albuquerque is designed specifically to meet the unique needs of the city’s legal cannabis industry. This means businesses can easily use banking services that help them grow and operate successfully. They offer 24/7 online banking so companies can handle their money matters anytime. The program also makes it easier for businesses to follow the law by helping them pay taxes and accept payments online.

To support both the medical and recreational marijuana sectors in Albuquerque with financial services, Herring Bank has established an extensive network of armored courier services for securely moving money to reduce the dangers of handling a lot of cash. We provide financial services for legal cannabis related businesses.

Key Takeaways

• Herring Bank offers comprehensive digital and mobile banking solutions tailored to the financial needs of cannabis businesses in Albuquerque, ensuring ease and sophistication in managing finances.
• The bank supports cannabis entrepreneurs with specialized financial services, including customized account options and business growth support, to facilitate stability and growth in the volatile market.
• Herring Bank’s services enhance public safety and legal compliance within the cannabis industry by providing secure financial operations, reducing the reliance on cash transactions, and offering protection under federal laws like the Safe Banking Act.

The bank’s services include making it easier to pay employees and offer different ways to make payments, like ACH and wire transfers, to ensure employees get paid and transactions go smoothly. Herring Bank also offers checking accounts that are tailored to help businesses expand, buy new equipment, or meet other financial needs that are important for growth in the cannabis industry.

This custom banking solution shows Herring Bank’s commitment to improving how cannabis businesses operate and succeed financially in Albuquerque’s legal marijuana market, including the medical marijuana sector. By offering these innovative banking services, Herring Bank is a key partner for medical marijuana and cannabis businesses looking to for financial services in Albuquerque.

Herring Bank proudly introduces the Cannabis Banking Program, your trusted solution for navigating the unique financial challenges of the cannabis industry. Our comprehensive suite of banking solutions includes checking and savings accounts for cannabis businesses, ensuring your funds are managed securely. With 24/7 online banking access, you can oversee your operations anytime, anywhere, facilitating seamless consumer payments and electronic tax submissions to keep your business compliant and efficient.

Understanding the nuances of cash flow in the cannabis sector, we offer specialized cash management accounts, coupled with cash pick-up and delivery services, to enhance the safety and convenience of handling large cash transactions. For businesses looking to expand, our cannabis business checking accounts provide the necessary infrastructure to grow, while our investment options help in maximizing your returns.

Herring Bank supports your workforce with employee accounts, direct deposit payroll, ACH payments, and wire services, streamlining your payroll and payment processes. This comprehensive financial toolkit is designed to empower cannabis businesses in Albuquerque to thrive, providing a solid foundation for your financial success in this dynamic industry.

2025 Cannabis Banking in Albuquerque: Current Rules and Regulations

Market growth: Since adult-use sales began on April 1, 2022, New Mexico has surpassed $1.64 billion in total cannabis sales as of March 2025, including over $323 million in Albuquerque alone. This makes the city the state’s largest cannabis market, with strong contributions from both adult-use and medical sales.

Licensing & oversight: The Cannabis Regulation Act (HB 2, 2021) established adult-use cannabis in New Mexico. Oversight is provided by the Cannabis Control Division (CCD) under the Regulation & Licensing Department, which manages licensing, compliance, and enforcement. Albuquerque CRBs include retailers, producers, microbusinesses, and manufacturers.

Tax structure: Adult-use cannabis is subject to a 12% excise tax plus New Mexico’s gross receipts tax (~8%). Beginning in 2025, the excise rate increases by 1% each year until it reaches 18% in 2030. Revenue is split between municipalities, counties, and the state general fund. (Flowhub – New Mexico Cannabis Laws)

Community impact: Albuquerque uses part of its cannabis tax revenue to support social programs, including a basic income pilot that provides $750 per month to 80 families in under-resourced school districts—showing how cannabis revenue directly funds local community needs.

Regulatory framework: The Cannabis Control Division enforces rules around licensing, inspections, packaging, and product safety. This creates a regulated market that supports safe consumption while providing businesses with a clear operating environment.

Herring Bank – Cannabis Banking Solutions in Albuquerque

Herring Bank is a leading financial partner for Albuquerque’s cannabis-related businesses (CRBs), offering:

• Specialized CRB accounts – business checking, savings, ACH, and wire services. 
• Cash logistics – statewide armored courier services to reduce on-site risks. 
• Compliance support – onboarding and monitoring aligned with FinCEN’s 2014 cannabis banking guidance. 
• Audit-ready reporting – transaction monitoring and documentation to meet examiner expectations. 

Our CRB banking solutions help Albuquerque operators run secure, compliant, and efficient businesses.

Frequently Asked Questions

How large is Albuquerque’s cannabis market?
As of March 2025, Albuquerque businesses have recorded over $323 million in adult-use cannabis sales, making it the largest single market in New Mexico. (State of Cannabis – The Paper)

When did adult-use cannabis sales begin in New Mexico?
Adult-use cannabis sales began on April 1, 2022, following passage of the Cannabis Regulation Act.

What taxes apply to cannabis sales in Albuquerque?
Adult-use cannabis carries a 12% excise tax plus state gross receipts tax (~8%), with excise increasing by 1% annually until 18% in 2030. (Flowhub – New Mexico Cannabis Laws)

How is cannabis tax revenue used locally?
Funds are divided equally among municipalities, counties, and the state. In Albuquerque, cannabis taxes help fund initiatives like the basic income pilot program supporting families in struggling school districts.