Here in IL, I'm also in the process of assembling background to present to the various bank Boards on industrial hemp. IL passed an Industrial Hemp Act that was signed by the Governor 12/28/18 to regulate just about every aspect of production, from applying online for a producer's license to getting the 0.3%-or-less-THC product to (again, licensed) processors, and even reporting on last year's crop! The public comment & waiting periods don't expire until mid-March when the final vote will happen, so we're hoping that allows enough time for the feds to provide any guidelines on community bank due diligence. If the Boards give their thumbs-up, any Policy changes or additions will only come after 1Q 2019, but presumably in time for 2019 production.
2019 will be the first production year here, but I'd suggest looking into Wisconsin's industrial hemp history, they are 1 year ahead (2018 was their first year of regulated production). One of our subsidiaries that can't wait to jump in sent representatives to a local producer/processor's seminar last week (most subsidiaries are in counties that share a border with WI), and came back with feedback that many WI licensees weren't renewing their licenses for 2019. I don't know the reasons yet, but I will research that some more as time permits.
Last edited by CountryBanker; 01/15/19 05:57 PM.
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