Comprehensive Banking Solutions for New Mexico CRBs
Customized Financial Accounts: Recognizing the necessity for CRBs to manage their finances with ease and security, Herring Bank provides customized checking and savings accounts. These accounts are designed to meet the specific needs of the cannabis industry, ensuring that businesses can manage their funds in a compliant and efficient manner.
Advanced Online Banking: To cater to the digital-savvy business landscape, Herring Bank offers advanced online banking services. This platform allows CRBs to conduct their banking activities 24/7 from anywhere, facilitating everything from routine transactions to complex financial management with ease. This accessibility is crucial for maintaining continuous operations and supporting business growth.
Cash Management and Security: Given the cash-intensive nature of the cannabis industry, Herring Bank offers robust cash management solutions. These include secure cash transport services to mitigate the risks associated with handling large amounts of cash, and specialized cash management accounts that help businesses optimize their cash flow and liquidity.
Financial Support and Growth Opportunities: Herring Bank recognizes the growth potential within the cannabis industry. To support this, the bank offers cannabis business loans that provide the necessary capital for expansion, equipment purchase, or operational costs*. Additionally, investment options are available for businesses looking to maximize their financial returns and reinvest in their growth.
Workforce Financial Management: To streamline the management of employee payments and financial transactions, Herring Bank offers services such as employee accounts, direct deposit, ACH payments, and wire transfers. These services simplify payroll processes, ensuring timely and accurate payment to staff, which is essential for maintaining morale and operational efficiency.
Commitment to Compliance and Partnership
Herring Bank places a strong emphasis on regulatory compliance, working closely with CRBs to ensure that all financial operations adhere to state and federal regulations. This commitment to compliance not only protects the bank and its clients but also promotes a stable and legitimate cannabis market in New Mexico.
By choosing Herring Bank’s specialized banking services, cannabis-related businesses in New Mexico can expect a reliable financial partner that understands their unique needs and challenges. With Herring Bank, CRBs gain access to a suite of financial tools and resources designed to support their operational efficiency, regulatory compliance, and growth aspirations in the dynamic cannabis industry.
*Any lending is on a case by case basis, speak to your account manager to see if you qualify!
Marijuana Banking in New Mexico
Herring Bank is thrilled to unveil the Cannabis Banking Program in New Mexico, a tailored service crafted to meet the intricate financial demands of the cannabis sector within the state. This innovative program integrates a comprehensive suite of banking solutions, including custom checking and savings accounts for cannabis enterprises, to ensure the secure handling of funds. With the convenience of round-the-clock online banking access, companies can effortlessly oversee their activities from any location, streamlining customer transactions and electronic tax submissions to uphold regulatory compliance and enhance operational efficiency.
Recognizing the pivotal role of cash flow in the cannabis industry, Herring Bank introduces specialized cash management accounts and reliable cash transportation services to reduce the hazards associated with cash handling. For businesses poised for expansion, our cannabis business loans offer vital financial backing, further enriched by investment opportunities designed to maximize returns.
2024 Cannabis banking in New Mexico: Current rules and regulations
Cannabis in New Mexico transitioned to legal status for recreational use on June 29, 2021, following the signing of the Cannabis Regulation Act by Governor Michelle Lujan Grisham on April 12, 2021. This legislative change paved the way for the commencement of licensed recreational cannabis sales on April 1, 2022, marking a significant shift in the state’s approach to cannabis. Previously, medical use was legalized in 2007, and New Mexico was the first state to enact a medical cannabis law through the Controlled Substances Therapeutic Research Act in 1978, despite the program’s limitations due to federal approval requirements.
Efforts to legalize recreational use saw a major breakthrough in 2019 with the House of Representatives passing a bill for the first time, though it stalled in the Senate. Subsequent decriminalization measures in 2019 reduced penalties for possession and introduced reforms for the medical cannabis program, setting the stage for full legalization. The Cannabis Legalization Working Group formed by Governor Lujan Grisham in June 2019 played a crucial role in shaping the framework for legalization, culminating in the enactment of the Cannabis Regulation Act in 2021.
Local municipalities have also taken steps towards reform, with Santa Fe and Albuquerque decriminalizing possession of small amounts and advocating for state-level legalization. The first day of legal recreational sales was celebrated by Governor Lujan Grisham in Albuquerque, highlighting the state’s transition towards a regulated cannabis market aimed at ensuring public safety and generating economic benefits. This shift not only reflects New Mexico’s evolving stance on cannabis but also its commitment to addressing past convictions and promoting a more equitable approach to cannabis consumption and commerce.
Ready to discuss how we can help you and your Cannabis Business in New Mexico?
Colorado Cannabis Banking & Armored Courier Services:
Colorado Springs, Denver, Aurora, Pueblo
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Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana, Riverside, Stockton, Chula Vista, Irvine, Oakland,
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Alabama, Alaska, Albany, Albuquerque , Anaconda, Billings, Boston, Bozeman, Buffalo, New York City, Detroit, Flagstaff, Grand Rapids, Gulfport, Jacksonville, Jersey City, Las Cruces, Miami, Montana, Newark, Santa Fe, Oklahoma City, Las Vegas NM, Portland, Silver City, Carlsbad, Philadelphia, Phoenix, Scottsdale, Clovis, Orlando, Tulsa, Ann Arbor, Colorado, New Mexico, Michigan, Illinois, Massachusetts, Minnesota, Missouri, Oregon, Virginia, Washington, Nevada,
