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New York s banking problem when it comes to cannabis PUBLISHED 9:13 PM ET Apr. 20, 2021 PUBLISHED 9:13 PM EDT Apr. 20, 2021 SHARE New York has legalized recreational marijuana, but since these products are still federally illegal, many financial institutions are wary of accepting cannabis business clients. Senate Majority Leader Andrea Stewart-Cousins says this is something that will most likely have to be addressed at the federal level. “We’re trying to work within the framework that s existing,” Stewart-Cousins said. “I do believe that it will probably be helpful if the federal government looks at this a different way.” On Monday, the U.S. House of Representatives passed the SAFE Banking Act 2021, which would allow financial institutions to take on cannabis business clients without fear of sanctions.

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