Why is Banking so Difficult for Hemp Farmers?

Hemp farmers have had a notoriously hard time when it comes to finding reliable financial services. Many hemp farmers can share stories of being dropped from a bank with very little notice when their bank got skittish about hemp. The reason for this, says West Town Banks executive vice president and chief operating officer Melissa Marsal, is that bank regulators see hemp overall as high risk business, and therefore hemp companies get lumped together with other so-called high risk businesses like private ATMs, internet gambling and alcohol and tobacco. Banks are required to perform extra due diligence when getting to know potential customers in these risky sectors, and many banks just don't see the value in the extra work and have simply turned away from the hemp industry. The banking and hemp industries are patiently waiting for the SAFE Banking Act to pass Congress, which would make it a whole lot easier for everyone involved. In this interview, Marsal talks about her experience working with hemp farmers and the things hemp farmers have had to resort to in lieu of reliable banking. She talks about what hemp farmers need to consider when looking for a bank, and what kinds of questions they should be prepared to answer when they're in discussions with a bank. West Town Bank https://www.westtownbank.com/business/industry-solutions/hemp/ News Nuggets Study: No evidence of liver toxicity from use of CBD from hemp https://www.clickondetroit.com/health/2021/04/06/study-no-evidence-of-liver-toxicity-from-use-of-cbd-from-hemp/ U.S. Hemp Seed Production Increasing https://www.newsdakota.com/2021/04/06/u-s-hemp-seed-production-increasing/ Far fewer Wisconsin hemp licenses have been issued, so far https://brownfieldagnews.com/news/far-fewer-wisconsin-hemp-licenses-have-been-issued-so-far/ Alabama Senate to consider amendment potentially harmful to Alabama hemp industry https://www.alreporter.com/2021/04/05/senate-to-consider-amendment-potentially-harmful-to-alabama-hemp-industry/ Sen. Rand Paul Reintroduces HEMP Act to Congress https://www.hempgrower.com/article/hemp-act-reintroduced-kentucky-usda-thc/ New York marijuana law makes sweeping changes to hemp rules, too https://hempindustrydaily.com/ny-marijuana-law-makes-sweeping-changes-to-hemp-rules-too/ Program aims to increase hemp awareness https://pennbizreport.com/news/19468-program-aims-to-increase-hemp-awareness/ Anything but CBD - The Real Opportunity in Hemp https://www.nutraingredients-usa.com/News/Promotional-Features/Anything-but-CBD-The-Real-Opportunity-in-Hemp Making Hemp Milk Is Easier Than You Think https://www.motherearthnews.com/real-food/making-hemp-milk-is-easier-than-you-think-zbcz2104 Hops and Hemp https://www.greenstate.com/culture/hops-and-hemp-cannabis-cousin-pairs-well-but-which-beer-is-best-with-weed/ About That "Skunky" Cannabis Smell https://hempgazette.com/news/skunk-smell-cannabis-hg1410/ Podcast Archives Interview with DON Services https://www.lancasterfarming.com/community/podcasts_and_audio/don-services-building-a-future-with-hemp/article_c0c12a38-1ed3-11eb-9638-9fba138debee.html Interview with Judy Wicks from All Together Now Pennsylvania https://www.lancasterfarming.com/community/podcasts_and_audio/importance-of-local-supply-chains-in-the-face-of-global-pandemic/article_d2952098-6ecf-11ea-a715-bb449ca2df1c.html Interview with Kelly Kundratic from Team PA https://www.lancasterfarming.com/community/podcasts_and_audio/the-ebb-and-flow-of-harvest-season/article_98b5ce48-5266-11ea-ac19-9f049c81f721.html Many Thanks to our Sponsor IND HEMP https://www.indhemp.com/