A historic cannabis banking bill was recently passed by House legislators hoping to secure a safe haven for financial institutions that serve hemp and hemp-made CBD companies. Los Angeles hemp business attorneys know this key measure is necessary, despite the passage of the 2018 Farm Bill that made hemp legal.
The banking bill, also known as H.R. 1595, passed 321-103 in the House with wide bipartisan support, with 91 of those who voted for it being Republican. It’s unclear whether it will face much fierce opposition in the Senate or what the president’s position would be if it lands on his desk. There are Senate committee chair Republicans who are in support of cannabis banking reform measures, though none have specifically mentioned hemp.
If passed, the measure would direct U.S. banking regulators to draft guidelines to federally-backed financial institutions affirming the legality of both hemp and CBD products extracted from it – within 90 days of the law’s passage. The federal regulatory directive would outline best practices for banks on how to follow the law in offering financial services to any hemp-related business (which can include contractors, landlords, plumbers, etc.). Continue reading