🔥🔥🔥🔥🔥The law states banks can hold your money for 180 days.
Brian Baum was pulling up to the Dallas-Fort Worth International Airport on March 19 when he got an email alert: His merchant services account had been terminated. The CEO of hemp-derived CBD product manufacturer Cannovia tells Cannabis Business Times that Evalon’s abrupt message forced him and his team into damage-control mode. They weren’t alone.
SAFE Banking Act, which boasts 138 co-sponsors in the U.S. House.
The SAFE Banking Act, indeed, would go well beyond the merchant services provided briefly by the Evalons of the world. The legislation would open up the playing field for financial institutions interested in working with cannabis clients that are obeying state law, as well as with ancillary businesses that are otherwise vulnerable to money-laundering prosecution and other financial crimes. Already, it’s gotten more traction that nearly any other cannabis reform bill ever introduced in Washington.The SAFE Banking Act would prevent federal banking regulators from punishing banks for working with cannabis related businesses that are obeying state laws or halting their services, taking action on loans made to those businesses, or limiting a depository institution’s access to the Deposit Insurance Fund. The bill would also protect ancillary businesses that work with the cannabis industry from being charged with money laundering and other financial crimes, and requires the Financial Institution Examination Council to develop guidance to help credit unions and banks understand how to lawfully serve cannabis businesses.
Canadian cannabis giant plants a flag in Pennsylvania plans hemp industrial parks across the U.S.
Canopy Growth Corp., the Canadian cannabis behemoth, is acquiring AgriNextUSA of Reading with an eye on building its hemp business in the United States.
AgriNextUSA has been headed by Geoff Whaling, an evangelist for hemp and its many applications. Whaling said Canopy’s chairman, Bruce Linton, called him right after President Donald Trump signed the 2018 Farm Bill that legalized hemp and asked, “When are we growing hemp?”
Under proposed changes for the 2020 growing season, growers would pay a $250 registration fee plus $500 for each field; someone with one field would pay a total of $750. The state as of March 18 registered 730 growers planning to produce on a total of 22,167 acres this year, up from 584 who worked 11,514 acres in 2018.