Key Congressional Chairman Sends Marijuana Email To NORML Activists

Senate Minority Leader Chuck Schumer (D-NY) sent a letter to federal financial regulators on Monday, urging them to issue updated guidance to ensure that hemp businesses have access to banking services.

While hemp and its derivatives were federally legalized under the 2018 Farm Bill, companies that manufacture and sell hemp products are still being denied credit lines and bank accounts due to ongoing uncertainty within the financial sector, Schumer said.

The senator sent his letter to heads of the Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) on the same day that he visited a hemp farm in Cortland County, New York to discuss opportunities and challenges in the burgeoning industry.

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