Learn More - Click Here!

Topic Options
#2128153 - 04/26/17 06:35 PM Hemp Growing Operation
lstpr50 Offline
New Poster

Registered: 04/28/10
Posts: 5
Loc: COLORADO
Those of you out there in states that allow marijuana operations - have you been asked about Hemp growing operations?? Some states allow Hemp growing for industrial use. These are marijuana plants with low THC and are used for non-drug items such as clothes, ropes. I am in Colorado and have received my first request to open an account for such an operation. In my mind it is a marijuana grow operation regardless of the end use and I must comply with SAR reporting etc. Thoughts!!!!

Top
#2128177 - 04/27/17 09:07 AM Re: Hemp Growing Operation [Re: lstpr50]
John Burnett Offline

10K Club

Registered: 10/27/00
Posts: 36889
Loc: Cape Cod
I will defer to any Colorado-based poster (almost typed "user," but, given the subject ....) who has obtained anything close to official guidance from FinCEN, but I would not be comfortable relying on any splitting of hairs over the differences between marijuana and hemp. I'd contact FinCEN for guidance or accept the burden of following the reporting regimen for MRBs.

If you do contact FinCEN, the BOL community -- particularly those in Colorado -- would appreciate your sharing here what you find out.
_________________________
John S. Burnett
BankersOnline.com
Professional Compliance Nerd since 1976
Bankers' Threads User #8

Top
#2128274 - 04/27/17 02:27 PM Re: Hemp Growing Operation [Re: lstpr50]
RockChucker, CAMS Offline
Diamond Poster

Registered: 07/03/13
Posts: 1128
Loc: The Country
Not an expert here but if you do chose to bank this customer, how will you know if their product changes from Hemp to Marijuana? Who will be doing the testing of the % of THC and will you be receiving reports? Not something I would be interested in managing if you are asking me.

As John mentioned, let us know what FinCEN says.
_________________________
A successful man is one who can lay a firm foundation with the bricks others have thrown at him.
-David Brinkley

Top
#2128280 - 04/27/17 02:36 PM Re: Hemp Growing Operation [Re: lstpr50]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 66648
Loc: Galveston, TX
Unless you are a certified university or research center, the growing of hemp is a violation of Federal law - no different than Marijuana. It remains a Schedule 1 drug.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Top

Moderator:  cbinder63