SAFE Banking Act Nears Finish Line!

Exciting news, Hemp Supporters! Insider reports indicate that we are on the brink of a breakthrough with the Secure and Fair Enforcement Regulation (SAFER) Banking Act. A recent update from Politico reveals that negotiations on finalizing Section 10 of the bill are, “down to just the last few words.” Despite previous passage in the House on seven occasions, either as standalone legislation or language within a broader legislative package, yet the Senate has not yet to vote on this critical legislation. However, with news of the recent negotiations with House lawmakers, we are closer than ever to achieving a vote in the Senate. This would be a major milestone for the hemp business, alleviating challenges and paving the way for future growth and innovation in the industry.

In recent years, the hemp industry has experienced significant growth, driven by increasing demand for hemp-derived products such as CBD oil, textiles, and food supplements. However, despite this growth, businesses operating in the hemp sector have faced numerous challenges, particularly regarding banking and financial services.

Senator Jeff Merkley (D-OR) and Steve Daines (R-MT), along with 33 original cosponsors, are leading efforts for S. 2860 in the Senate, while Representatives Dave Joyce (R-OH) and Earl Blumenauer (D-OR), along with 101 additional cosponsors, have championed H.R. 2891 in the House. One cosponsor, Congressman Andy Barr (R-KY), worked with the U.S. Hemp Roundtable and other industry leaders to include explicit provisions for financial transactions in the hemp and CBD industries within the legislation. The SAFER Banking Act seeks to address current banking restrictions that have forced many hemp businesses to operate on a cash-only basis, posing numerous risks and challenges, including safety concerns, operational inefficiencies, and limited access to capital.

All legal U.S. businesses should feel SAFE Banking!

It’s time for hemp supporters to mobilize! We need YOU to help your Members of Congress understand the impact the lack of SAFE Banking security has had on hemp businesses and farmers. By sending a letter to your elected representatives, you can urge swift support and passage of the SAFER Banking Act. Visit our Federal Action Center TODAY to quickly send letters to your congressional representatives, urging their unwavering support for S.2860, the SAFER Banking Act.

Together, we can ensure SAFE Banking for all hemp businesses!

Check out the latest hemp and CBD updates from across the states!

• Roundtable Roundup: Ohio Bill Would Ban Full Spectrum Hemp, Proposed Illinois Hemp Amendments Raise Concerns on Testing and Transport Restrictions
  Ohio Unfortunately, as we predicted a few weeks ago, the Ohio Senate introduced a bill—SB 326—which would ban all full spectrum hemp products. Specifically, products that contain more than 0.5mg of …
• Hemp Industry News: U.S. Hemp Authority Webinar Recording, International Hemp Trip, and a USDA Hemp Grant
  We made it! Our USHA webinar went off without a hitch. With over 100 attendees, this was our most successful webinar to date.  Chris Fontes provided an excellent background of …
• Roundtable Roundup: Updates in Georgia, Florida, Ohio, Louisiana and Tennessee
  Georgia Last month, the Georgia Department of Agriculture proposed changes to existing rules for hemp products, as well as a proposed new rule for consumable hemp products. While many of the changes to the …
• Join us on October 31st to Learn More About the U.S. Hemp Authority’s Adult Hemp Product Certification Program
  The U.S. Hemp Authority (USHA) is excited to announce a spooktacular event just in time for Halloween: the nation’s first Adult Hemp Product Certification webinar! Date: October 31stTime: 1-2 EST Webinar Highlights: As the industry continues …
• Sign up for the new US Hemp Authority Adult Hemp Product Certification Program
  The US Hemp Authority (USHA), the hemp industry’s initiative to provide high standards, best practices, and self-regulation for hemp and hemp products, is proud to announce the launch of the …
• Help Stop a Potential Ban on Hemp Products in Ohio
  Ohio may be poised to ban almost all hemp products currently sold in the state. When the Ohio Senate returns after the November election, it is expected to take action …