New Banking Guidelines for Hemp Help

Local News

PALISADE, Colo.

The hemp industry is growing both locally and across the nation.

About a year after the Agriculture Improvement Act removed hemp as a Schedule 1 drug, there’s still one closed door preventing the hemp industry from unlocking it’s true potential, and that’s the lack of access to the banking system.

Colorado U.S. Senator Michael Bennet has welcomed new guidance from federal financial regulators that would help hemp farmers, producers, and processors get financial services that would help their hemp businesses grow.

Bennet says, “The hemp industry is booming in Colorado and across the country, yet hemp-related businesses continue to face significant hurdles due to the lack of access to the banking system. While more needs to be done to unleash hemp’s economic potential, these new guidelines are a significant step forward in providing banks and credit unions with the assurance and clarity needed to remove this barrier and open their doors to the growing hemp industry.”

Senator Bennet worked to secure a pilot program for hemp growers in the 2014 Farm Bill, led the Hemp Water Rights Act, and called on the Department of Justice not to interfere with hemp. He also sent a letter to federal financial regulators to help the hemp industry gain access to the banking system, and wrote to the Bureau of Reclamation, with U.S. Senator Jon Tester (D-Mont.), in January to update policies ensuring hemp growers can access water to irrigate their crops.

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