Regulators Clear Banks to Work With Hemp Industry

Hemp farmers will be glad to learn that one of the biggest issues affecting the hemp industry, lack of access to proper banking services, will soon be a thing of the past. The industry grew rapidly after the 2018 Farm Bill legalized the cultivation of industrial hemp, giving farmers the green light to grow the lucrative cash crop under state and tribal programs. However, banks avoided working with hemp producers, denying them crucial services like loans.

Well, that’s about to change. According to statements from federal and state bank regulators, banks will no longer be required to file reams of paperwork to anti-money laundering authorities whenever they transact with hemp producers. Erica McBride Stark, Executive Director of the National Hemp Association, a trade group for hemp growers, says that banking has been…

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