The National Credit Union Administration affirms that credit unions may provide financial services to hemp businesses. Ballot initiative campaigns to approve adult-use and medical cannabis, respectively, moved closer to appearing on the 2020 ballot in Arizona and Idaho, while a similar effort to put the issue of adult-use cannabis to Ohio voters has met with legal challenges from the State Election Board. Australia may soon become a leading cannabis exporter after Greenfield MC and Emerald Plants Health Source announced they will form a joint venture to provide cannabis to the Asia-Pacific market. Federal
The US Department of Agriculture (USDA) has released new data indicating a substantial increase in the growth of US hemp production.� Since the passage of the 2018 Farm Bill, industrial hemp production has increased by 368 percent among US farmers as demand for CBP products has drastically risen.���
US Senator Mike Crapo (R-ID), chairman of the Senate Committee on Banking, Housing and Urban Affairs, expressed interest in addressing banking issues facing cannabis businesses operating legally in their states.� This is a turnaround from earlier statements Crapo made in opposition to any pro-cannabis legislation.� The SAFE Banking Act (H.R. 1595, S. 1200), which would prevent federal banking regulators from punishing banks for working with cannabis-related businesses operating legally in their states, passed out of committee in the House and is awaiting a floor vote.� The Senate version is pending before Crapo’s committee.
Five federal financial regulatory agencies replied to a request for clarification from Senator Michael Bennet (D-CO) regarding the availability of banking services to hemp businesses.� The responses came from the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Farm Credit Administration and the National Credit Union Administration.� Each agency acknowledged the changed circumstances with regard to hemp following the