The legislation, introduced by State Senator Robert W. Singer (R-NJ-30), would clarify that banks and credit unions will not be penalized by state regulators for working with legitimate hemp businesses.
Related: NJ Senate: Congress Needs to Legislate Safe Level of CBD Consumption Pres. Trump Requests $5M to Regulate CBD; Cuts EPA, Ag NPA Fights Illinois for Supplements, CBDBanking has been an issue for CBD and hemp businesses: In June 2019,Thrive Market was forced to stop selling hemp extractsby the company that processed their customer payments; in August, theNational Credit Union released guidancerelated to hemp; it wasn't until September that theHouse of Representatives voted to allow banks to provide servicesto CBD companies; and in October,Square made its services availableonly to select CBD-related businesses.
Daniel Fabricant, Ph.D., President and CEO of NPA, said in the release: “CBD is one of the most popular products in America right now and the government needs to start taking it seriously across the board. We have already asked FDA for clear regulatory rules on safety, labelling, and potency. But companies also need clear rules and the ability to use America’s financial services sector to deliver this product to consumers. We look forward to continuing to work with Senator Singer and other lawmakers on legislation that provides clarity to this growing industry while protecting consumers.”