Last Week’s Hemp Commentary

Hemp Banking

 Banking issues for hemp businesses surfaced again, when federal CARES Act funds arrived on the scene in response to the economic disaster unfolding worldwide.  Hemp companies that were prepared for swiftly accessing SBA Paycheck Protection Program (PPP) or Economic Injury Disaster Loan (EIDL) funds had existing relationships with banks, some modicum of best practices in their operational plans, and essential financial documents at their fingertips.  This is the minority of small hemp businesses, of which many are operated by first-time entrepreneurs, and virtually none of which were developed with conventional bank finance. 

The challenges hemp companies encountered with access to funding, along with similar challenges found in the federally…