The “Hemp Farming Act of 2018,” as passed in the 2018 Farm Bill, legalizes industrial hemp and hemp-derived CBD at the federal level. This is big news-an entirely new industry of potential commercial loan customers waiting to hear about the products and services you have to offer. Under the USDA’s laws and regulations and subject to your state’s laws, you can begin making loans and offering other financial services NOW to accommodate this 2020 growing season.
But…understandably many financial institutions are hesitant to serve hemp-related businesses due to perceived risks and confusion about marijuana-related laws. Where do we start? How will we know a “legal” hemp crop from an “illegal” one? What ongoing due diligence and reporting will be expected? Join us for answers to these questions and more in this jam-packed session.
- We will define what is legalized under the Hemp Farming Act and USDA regulation
- Understand how these regulations are different than the 2014 Farm Bill
- Distinguish between the types of cannabis-businesses hemp-related, marijuana-related and CBD businesses
- Identify the unique loan needs for the commercial industrial hemp industry
- Use provided tools to establish your initial and ongoing due diligence of these borrowers
- Review of State Plan requirements & how you can utilize to develop your due diligence program
- Discuss legislation on the horizon for banking marijuana-related businesses
Who Should Attend?
This informative session is Loan Officers, Branch Managers, Operations Personnel, Bank Secrecy Act Officers, and Compliance Officers.
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