wells fargo cbd business

Wells fargo cbd business

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Wells fargo cbd business

Politicians from hemp-producing states, like Senator Ron Wyden, a Democrat from Oregon, nevertheless welcomed the news. In April, Wyden and Senator Mitch McConnell, a Republican from Kentucky and Senate Majority Leader, wrote letters to several banking regulators, imploring them to help lawful hemp businesses that were “discriminated against” by financial institutions.

“Our current position remains that we don’t presently bank or provide services to these businesses,” she says, after reviewing the hemp banking guidance.

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“Hemp was legalized almost a year ago, yet Oregon farmers and producers have been forced to ride the roller coaster of uncertainty,” Wyden said in a statement . “These new banking guidelines are an important step toward giving hemp businesses the certainty they need. The work doesn’t stop here, however, and more must be done to make sure hemp businesses are treated fairly and allowed to fully realize this legal crop’s economic potential in our state and nationwide.”

The guidance also specifies that bank customers engaged in hemp-related businesses must operate under plans approved by the United States Department of Agriculture (USDA). But the department hasn’t yet approved any plans, which are submitted by states and tribal governments, and specify how to test for THC and dispose of “hot” plants that exceed legal limits.

The guidance reiterates that hemp is not a highly controlled substance, pursuant to the 2018 farm bill, which was signed into law almost one year ago. For that reason, banks are not required to file a Suspicious Activity Report (SAR) on customers solely for growing the crop. SARs help authorities identify people who may be involved in terrorist financing, money laundering, or other forms of fraud.

“I don’t think this is going to be a panacea, unfortunately,” he says. “Just as this industry is new to everybody, it’s especially new to banks, which is a risk-averse crowd to begin with. I think some banks are going to say, look, we don’t know whether this is hemp or whether it’s marijuana, and it’s just not worth the risk to us.”

The application window opened on Monday and closes in November of 2020, according to an interim final rule . Until those plans are approved, says Ann Wasik, a Wells Fargo spokeswoman, the bank will consider hemp no different from marijuana.

But the guidance may not do much to help some of those farmers right now. As I’ve previously reported, some have accused their long-time banks of closing business accounts and threatening to recall loans after they added hemp to their crop rotations. After reviewing the guidance, Wells Fargo, the nation’s top farm lender, says it still won’t back hemp farmers until next year.