The United States Department of Agriculture today issued a long-awaited interim final rule establishing new regulations and procedures for the legal production of industrial hemp, as required by the 2018 Farm Bill.
While the 2018 Farm Bill reclassified hemp as a legal agricultural commodity, banks still face challenges in serving hemp producers and hemp-related businesses, the American Bankers Association said today in a statement submitted for the record of a Senate Agriculture Committee hearing.
In a letter to the heads of the financial regulatory agencies on Friday, the American Bankers Association called for greater clarification on how banks may serve businesses dealing with hemp.