In recent weeks, the House made some groundbreaking strides in the cannabis banking bill allowing financial institutions the green light to support hemp and CBD hemp-derived businesses.

The SAFE Banking Act earned a 321-103 vote in the House, now leaving it up to the Senate. If the Act, approved amongst the Senate, financial institutions could start opening accounts for the Hemp industry within 90- days of their vote.

As the Hemp Industry continues to grow, many Hemp business owners are confused about the rules of the SAFE Banking Act and how it affects their business. It seems the misclassification between banking and federally law is the understanding of the classifications of cannabis.

For the sake of education, hemp and cannabis are in fact, derived from the same plant listed as Cannabis sativa L. Under federal and state bodies, Cannabis sativa L is noted to contain THC. Under federal law, cannabis remains a controlled substance. On the other hand of marijuana, while hemp contains low levels of THC, it falls under the classification of an agricultural product under the USDA.

With more than 30 States support and legalization of medicinal and recreational, how long will it take to eliminate this banking snap-fu?

Will the 2018 Farm Bill and SAFE Banking Act join forces in legal support of hemp businesses nationwide to ensure the growth of the hemp industry as a whole?