Hemp industry has been cleared to do business with banks

Hemp industry has been cleared to do business with banks

Dec 9th 2019

There are very few banks willing to do business with hemp producers at the moment. This will change soon.

Federal and state regulators announced that they will deregulate requirements that has kept banks away from the hemp business. Banks will no longer have to be suspicious of hemp producers and give them large files of paperwork to anti money laundering authorities.

Federal law had considered hemp to be has forbidden as other drugs but due to the recent legalization of hemp lawmakers are going to do away with these regulations.

This month the Federal Reserve, Federal Deposit Insurance company and other federal regulators have informed banks that they can treat hemp producers like other customers as long as they have prove of licensing. 

This will be great for the future of the hemp industry.

Source: https://www.greenmarketreport.com/banks-cleared-for-sars-reports-with-hemp-farmers/

Source: Shutterstock