Hemp Industry Cleared By U.S. Regulators To Work With Banks
Baton Rouge Business Report
Federal and state bank regulators announced Tuesday that they were scrapping a burdensome requirement that banks said kept them away from the hemp business, The New York Times reports. Banks will no longer have to treat their hemp customers as suspicious and file reams of paperwork to anti-money-laundering authorities for each interaction.
The step forward for banking could signal a positive step for the tangentially related medical marijuana industry as well, which has struggled to find banking options in Louisiana as growers and pharmacies began to produce and provide the products to patients over the past year.