EBS STAFF
HELENA – On Sept.
9, Sen. Jon Tester announced that federally insured credits unions may begin to
provide banking services to legally operating hemp producers. This decision
comes under the guidance of the National Credit Union Administration and is the
first time a federal regulator has clarified that hemp farmers can access
financial services.
Up until December
of 2018, hemp was considered a controlled substance in the U.S. and Montana
farmers were limited to growing the crop through a select pilot program
launched in 2014. However, following passage of the 2018 Farm Bill, hemp was
removed from the Drug Enforcement Agency’s list of controlled substances,
making it legal to grow industrial hemp in the U.S.
“This is a strong
step toward cutting through the red tape that’s slowing down Montana hemp
farmers,” said Tester in a statement. “I’m going to keep fighting to
make sure our state’s hemp producers can access the resources that will help
them create jobs and grow their businesses.”
