INDUSTRY UPDATES
February 16, 2024
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!
- Hemp Bill Updates in Florida, Iowa, Kentucky, Nebraska, Ohio, South Carolina, South Dakota and TexasWith state legislatures opening up around the country, our advocacy efforts are ramping up! This week, we’ve launched campaigns or have an update in Florida, Iowa, Kentucky, Nebraska, Ohio, South …
- Hemp Roundtable Hits the Hill: Stage Set for Hemp Policy Under the New AdministrationSenator Ron Wyden (D-OR) joins alongside members of the U.S. Hemp Roundtable On January 22nd, the U.S. Hemp Roundtable proudly hosted a successful Washington, D.C. fly-in, marking a pivotal moment …
- Claim Your 20% Discount for US Hemp Authority CertificationIt’s a brand new year, and it’s time to make a resolution for your hemp brand or business: Stand out in the marketplace through certification with the US Hemp Authority …
- Roundtable Roundup: Illinois Avoids a Hemp Ban, New Campaign Launched in IowaWe won the battle in Illinois – but the war is far from over. During the legislature’s lame duck session last week, HB 4293, an effort to ban most hemp products (discussed …
- House Agriculture Committee Leadership Set. Updates in Ohio, Illinois and HawaiiHouse Agriculture Committee Leadership Set: Congressman Glenn “GT” Thompson (R-PA) Continues as Chairman, Congresswoman Angie Craig (D-MN) is Ranking Member The U.S. House Agriculture Committee has officially announced its new …
- Roundtable Roundup: Testimony in Ohio, Missouri Comments, Tennessee Final Rules, and Texas Ban Bill IncomingOhio Senate Debates Intoxicating Hemp Product Regulations This week, the Ohio Senate General Government Committee held a hearing on Senate Bill 326, which proposes sweeping restrictions on hemp-derived products. If passed, …