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!

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