New Hemp Banking Guidance Unlikely To Sway Wary Lenders
By Sam Reisman (December 12, 2019, 7:52 PM EST) -- When four federal banking regulators, including FinCEN, announced they were easing the reporting requirements for banks working with hemp producers, many stakeholders took it as a welcome sign of the industry's legitimization. But cannabis attorneys say the guidance on its own is not enough to persuade jittery financial institutions to enter the space.
Although hemp was legalized by the 2018 farm bill, it remained in a regulatory gray zone for much of the year, barring many growers from accessing banking. The new guidance, released Dec. 3, was intended to allay bankers' concerns about the crop by clarifying they no longer need to submit...
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