On Wednesday, members of Congress made history by passing a bill about cannabis banking. The said bill can provide security for all financial institutions that have clients from the hemp-derived and hemp business industry.
The primary proponents stated that the bill was still necessary despite the nationwide legalization of hemp through the 2018 Farm Bill.
The SAFE Banking Act will instruct the banking regulators from the feds to release a guide for financial institutions that also confirm the legality of hemp-derived products, as well as hemp and CBD within 90 days after the law has been enacted. The bill passed the reading through 321-103 votes.
The instruction guide must include all the best practices when they provide services to any hemp-related company.
Hemp businesses, as well as farmers, face difficulties whenever they try to access banking services.
The amendments made in the SAFE Banking Act will help the businesses that make use of hemp-derived CBD products because it will clarify all legal confusion regarding the status of the company.
The support from the Senate is still unpredictable since the Republicans rule it. However, the house displayed strong support for the bill, with 91 votes from the Republicans.
Michael Crapo, the Chairman of the Senate Banking Committee and known Republican, expressed his goal to have his committee vote on a bill that will reform the cannabis banking regulations. However, he did not mention anything about hemp.