Hemp businesses can open bank accounts with credit unions

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The National Credit Union Administration confirms the hemp industry’s access to banks

The cannabis industry received a little bit of good news yesterday, thanks to the National Credit Union Administration (NCUA). The federal financial agency had already stated that it wouldn’t stand in the way if credit unions were to work with hemp-based companies, but the financial institutions remained apprehensive. Hopefully, with an announcement from yesterday, this will change.

The NCUA has come out to specifically state that credit unions can work with hemp companies since the plant was legalized through the 2018 Farm Bill. It also states that the financial institutions should embrace the industry, as they will be able to provide economic support for the industry and become leaders in the cannabis banking industry.

The chairman of the NCUA, Rodney Hood, states in a press release, “Lawful hemp businesses provide exciting new opportunities for rural communities. I believe today’s interim guidance keeps with the mission of the nation’s cooperative credit system to serve people who have been overlooked and underserved.”

He added, “Many credit unions have a long and successful history of providing services to the agriculture sector. My expectation is that credit unions will thoughtfully consider whether they are able to safely and properly serve lawfully operating hemp-related businesses within their fields of membership.”

More still needs to be done to allow the entire cannabis industry to gain access to banking solutions, but this is a step in the right direction. It will make a huge difference in the industry and help improve the overall perception of cannabis in the US.