Clovis Cannabis Banking

Herring Bank is thrilled to introduce its Cannabis Banking Program in Clovis, designed to meet the unique needs of the local cannabis industry. This comprehensive program offers specially designed checking and savings accounts for cannabis businesses, ensuring secure and efficient financial management. With 24/7 access to online banking, businesses can easily manage finances, conduct consumer transactions, and comply with tax regulations at their convenience.

Understanding the specific challenges of cash flow in the cannabis sector, Herring Bank provides tailored cash management accounts and cash pick-up and delivery services to enhance transaction safety and convenience. For businesses looking to grow, we offer cannabis business accounts to provide the necessary infrastructure for expansion, along with investment opportunities to maximize returns.

Additionally, Herring Bank supports your workforce with employee accounts, direct deposit payroll, ACH payments, and wire services, streamlining your financial operations. This full-service financial toolkit is designed to help Clovis’s cannabis businesses thrive, providing a strong financial foundation for success in this dynamic industry.

2026 Cannabis Banking in Clovis: Laws, Licensing and Market Status

Clovis sits a few miles from the Texas state line, and its cannabis market shows it. Retailers in Clovis sold about $16.6 million in cannabis in the 12 months ending July 1, 2026, with adult-use sales making up more than 80% of the total, according to the Cannabis Control Division. That puts Clovis ahead of Carlsbad and among New Mexico’s top ten cannabis cities. Total Clovis sales from April 2022 through October 2025 passed $55 million. For dispensaries, cultivators and manufacturers in Curry County, Clovis cannabis banking means handling high cash volumes from out-of-state customers while staying compliant with state and federal rules.

Clovis Cannabis Market Snapshot

• Sales: $16.6 million in the latest 12 months ($2.9 million medical, $13.7 million adult-use).
• Patients: Curry County had 1,425 enrolled medical cannabis patients as of September 2, 2026, per the New Mexico Department of Health.
• Local revenue: Clovis receives one-third (33.33%) of the cannabis excise tax collected from retailers within city limits, under the Cannabis Regulation Act.
• Local control: the city can regulate time, place and manner, including reasonable limits on license density, but state law bars a complete ban and caps school and daycare buffers at 300 feet.

State Law and Licensing

Gov. Michelle Lujan Grisham signed the Cannabis Regulation Act on April 12, 2021, and adult-use sales began statewide on April 1, 2022. The Cannabis Control Division regulates both adult-use and medical commerce under a single framework. Business licenses include cannabis producer, producer microbusiness, manufacturer, retailer, courier, testing laboratory, consumption area, vertically integrated and integrated microbusiness. The medical program, which the Department of Health administers for patients, counted 60,501 enrolled patients statewide in September 2026.

Taxes, Enforcement and Tracking

New Mexico’s cannabis excise tax on adult-use sales is 14% as of July 1, 2026 and rises one point every July until it hits 18% in 2030, according to the Taxation and Revenue Department; medical sales are exempt from it. Gross receipts tax applies on top. House Bill 10 (2025) created a dedicated CCD enforcement bureau, adding to tougher penalties passed in Senate Bill 6 (2024). The CCD also expected to launch a new state-built seed-to-sale system in September 2026, with built-in alerts for suspicious data such as unrealistic harvest weights.

Hemp Products in Clovis

Smoke shops and convenience stores selling hemp-derived products answer to the New Mexico Environment Department. Its final rule, effective January 28, 2026, bans making synthetic cannabinoids like delta-8 THC and caps most finished hemp products at 2 mg total THC per serving and 20 mg per package. A tighter federal hemp definition takes effect for most provisions on December 11, 2026.

Federal Rescheduling, SAFE Banking and What They Mean for Clovis Operators

Effective April 28, 2026, the Justice Department and DEA moved marijuana subject to a qualifying state medical license, along with FDA-approved marijuana products, from Schedule I to Schedule III. New Mexico medical cannabis sales can fall under that order, and licensed medical operators gain a DEA registration pathway and expected relief from Section 280E of the tax code going forward. Adult-use cannabis, roughly 78% of New Mexico’s retail sales in the year ending July 1, 2026, remains in Schedule I and subject to 280E, so dual medical and adult-use operators need clean separation of revenue and costs. A DEA hearing on rescheduling all marijuana ran from June 29 to July 15, 2026, and a final decision is still pending. As of the CCD’s July 2026 meeting, the director reported that DEA had not yet inspected New Mexico operators.

Federal banking law is unchanged. The SAFE Banking Act of 2026 (S. 4942) was introduced in June 2026 and remains in committee, so banks serving Clovis cannabis businesses still follow FinCEN’s guidance for marijuana-related businesses: enhanced due diligence, license verification, ongoing monitoring and Suspicious Activity Report (SAR) filing.

What This Means for Banking a Cannabis Business in Clovis

Border-market cash flow and a rising excise tax make dependable deposit and payment services essential in Clovis. Herring Bank works with licensed producers, manufacturers, retailers, couriers and integrated microbusinesses to open compliant business checking and savings accounts, document CCD licensing for BSA/AML review, and keep accounts in good standing as rules change. We manage cash with pickup and delivery through our preferred armored courier and support payroll, direct deposit, ACH, wires and electronic tax payments, including monthly cannabis excise tax filings. Ready to talk about cannabis banking in Clovis? Call 877-873-0079 or request a call back.