Cannabis, Hemp Industries Still Facing Banking Hurdles
The burgeoning cannabis industry continues to face challenges accessing banks, experts said last month during the 23rd annual Hemp Industries Association (HIA) conference in Colorado—the U.S. birthplace of legal recreational marijuana.
Under the 2014 Farm Bill, the hemp industry is conducting pilot programs in several states, including cannabis-friendly Colorado, to study the viability of growing and marketing hemp. The hope is that America can revive hemp farming in support of myriad products, from hemp-based foods and supplements to materials in automobiles to medicine that could treat rare forms of epilepsy. But even though Congress has explicitly authorized the pilot programs, at least some banks in The Centennial State remain reluctant to form relationships with the hemp industry.
Trae Miller, executive director of the Logan County Economic Development Corp. in Sterling, Colorado, said county commissioners in his area support hemp, and regional banks understand the distinction between marijuana and hemp. Hemp...
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