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The S.A.F.E. Banking Act of 2021 would create protections for financial institutions that provide financial services to cannabis-related legitimate businesses and service providers. If passed, the Act bars federal regulators from penalizing banks or insurers for providing banking services to hemp businesses, including loans, prohibits federal banking agencies from ordering or requesting banks to close customer accounts solely due to reputational risk.
If signed into law, his pending legislation would make hemp, cannabidiol derived from hemp, and any other ingredient derived from hemp lawful for use under the Federal Food, Drug, and Cosmetic Act as a dietary ingredient in a dietary supplement, and for other purposes.
This pending legislation is best understood as the Senate version of H.R. 841 (above), Senator Ron Wyden's bill goes further in regulating CBD in food and beverages, in addition to as a nutritional supplement. The bill to allow for hemp-derived cannabidiol and hemp-derived cannabidiol containing substances in dietary supplements and food.
This pending legislation would create a certification program at the USDA that would break down barriers for farmers interested in participating in carbon markets so they can be rewarded for climate-smart practices.
Signed into law on December 20, 2018, the Agriculture Improvement Act Of 2018, also known as the 2018 Farm Bill, permanently removed hemp from the Controlled Substances Act (CSA). Hemp is forever deemed an agricultural commodity, thereby paving the way for a massive expansion of economic opportunities across all sectors of the hemp industry.