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Federal Agencies Provide New Guidance for Hemp Banking

Canna Law Blog

The tides have been rapidly changing for hemp companies to gain access to banking, which has not traditionally been available to hemp companies due to the fact that hemp was (sort of) federally illegal until about a year ago. Therefore, it’s not yet clear whether banks will service clients engaged in those activities.

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National Credit Union Administration (NCUA) Critcizes Congress On Their Tardiness On Reforming Cannabis Laws.”The bottom line is this: Legalization in some form is going to happen, and the abdication of responsibility to address these issues in Washington is simply ludicrous.”

Cannabis Law Report

Top Federal Financial Regulator Slams Congress Over Marijuana Inaction And Calls For Interagency Banking Workgroup. Hood Remarks at the PBC Conference 2021: Payments, Banking, Compliance in the Cannabis Industry. Here’s his full presentation. September 2021. NCUA Board Member Rodney E. Board Member Rodney E.

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The USDA Releases Guidelines for Federal Loans for the Hemp Industry

Veriheal

Starting this season, the Farm Service Agency (FSA) will be able to consider applications to grow hemp “beyond the provisions of the 2014 pilot program.” Cultivators who are approved to produce hemp under the 2014 Farm Bill will continue to be eligible for FSA loan servicing assistance. Certain Requirements Must Be Met.

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Executive Spotlight: Dan Roda

Cannabis Law Report

Dan Roda is co-founder and CEO of Abaca, a digital financial platform connecting cannabis businesses with bank accounts, payment processing, lending, and more. Company mission: Abaca’s mission is to normalize access to modern financial services across the U.S. for cannabis and hemp industries.

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Vote Hemp Releases 2018 U.S. Hemp Crop Report Documenting Industrial Hemp Cultivation and State Legislation in the U.S.

Cannabis Law Report

Hemp Crop Report Documenting Industrial Hemp Cultivation and State Legislation in the U.S. We’ve seen hemp cultivation significantly expand in the U.S. Since the passage of Section 7606 of the 2014 Farm Bill, “Legitimacy of Industrial Hemp Research,” hemp cultivation in the U.S. Vote Hemp Releases 2018 U.S.

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Hemp Stakeholders Share Their Thoughts with the USDA

Canna Law Blog

All expressed concerns regarding testing procedures, interstate transportation of the crop, access to banking, and guidance from the Food and Drug Administration (“FDA”). Several state Departments of Agriculture, including Pennsylvania, Kentucky, and Wisconsin, expressed great concerns regarding testing and access to banking.

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How to Get a Credit Union Account for Your Hemp Business

Canna Law Blog

Commercial marijuana activity remains a federal crime, and the Bank Secrecy Act (“BSA”) generally prohibits financial institutions from accepting marijuana-generated dollars. That has made it very difficult for many hemp and hemp-derived CBD (“Hemp-CBD”) businesses to access bank accounts.

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