Banking Access Continues to Elude Hemp Operators

Banking Access Continues to Elude Hemp Operators

Yesterday’s Hemp Bulletin commentary emphasized the importance of professional agricultural services that have enabled the hemp sector to normalize.  Professional accounting, legal, and insurance services have also pivoted to accommodate hemp and cannabis operators.  Hemp and cannabis make an attractive marketing segment for many general services companies.  Some local banks and credit unions have done this, but overall, banks are keeping their distance from hemp operators. 

In 2019, financial institutions casually notified many long-time clients that their accounts were being closed.  Elavon, the merchant services provider that is a subsidiary of US Bank Corp, led  the carnage in spring of 2019, giving customers ~6 weeks to find an alternative.  Our understanding of this sudden pivot was that lax oversight and dated risk management policies allowed for a…

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

11.13.2024

Neste, Air Canada sign SAF agreement for Vancouver

Neste, Air Canada sign SAF agreement for Vancouver

Finnish transport fuel producer Neste and Air Canada have signed an agreement for the delivery of approximately 20 million gallons of sustainable aviation fuel (SAF) for use by the...

11.13.2024

CWG prices up slightly; DCO movements mixed

CWG prices up slightly; DCO movements mixed

The US animal fats and oils markets remained mostly stable to slightly higher on Wednesday November 13, with a modest increase in trading, though many participants continued to exercise...

11.13.2024

2024/25 grain consuming animal unit headcounts increase by 0.39%

2024/25 grain consuming animal unit headcounts increase by 0.39%

Meat and bonemeal, porcine and ruminant, Missouri River were lower on Wednesday November 13. Market sources told Fastmarkets that there are varied poultry and layer feed demand levels, with...

Latest Tweets