A hot topic in virtually every banker and bank regulator discussion these days relates to hemp and cannabis banking. This week, the topic has now appeared under the Gold Dome.
HB 847 was introduced by Representative John Corbett (R), Lake Park. This Bill relates to hemp farming and establishes certain state requirements in order to comply with federal laws and regulations. The bill was assigned to the Agriculture and Consumer Affairs Committee.
HR 875 was introduced by Representative Dar’shun Kendrick (D), Lithonia. This Resolution creates a House Study Committee on Financing Options for Cannabis-based Businesses.
HR 876 was introduced by Representative Dar’shun Kendrick (D), Lithonia. This Resolution urges the United States Congress to enact legislation removing cannabis from the federal Controlled Substances Act, exempting certain activities related to marijuana, facilitating the full spectrum of private banking services for cannabis related business, and encouraging scientific research related to cannabis products.
CBA will monitor the progression of the bill and resolutions. Next week, CBA will be hosting a Safety & Soundness RAP Banker Regulatory Forum on February 5th. During this forum, we will have roundtable discussions about banking marijuana businesses after our regulatory updates. If you’d like to join us for this event, please click here to register.
EVP, Chief of Staff, Government & Regulatory Relations