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#2128153 - 04/26/17 10:35 PM Hemp Growing Operation
lstpr50 Offline
New Poster
Joined: Apr 2010
Posts: 9
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!!!!

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#2128177 - 04/27/17 01:07 PM Re: Hemp Growing Operation lstpr50
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
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
Fighting for Compliance since 1976
Bankers' Threads User #8

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#2128274 - 04/27/17 06:27 PM Re: Hemp Growing Operation lstpr50
RockChucker, CAMS Offline
Diamond Poster
Joined: Jul 2013
Posts: 1,700
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

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#2128280 - 04/27/17 06:36 PM Re: Hemp Growing Operation lstpr50
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
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.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2209908 - 03/29/19 07:22 PM Re: Hemp Growing Operation lstpr50
lstpr50 Offline
New Poster
Joined: Apr 2010
Posts: 9
COLORADO
I am looking for a contact at any bank that is currently banking Marijuana or Hemp accounts - would love to have a discussion.

Thanks
Lori

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#2209910 - 03/29/19 07:27 PM Re: Hemp Growing Operation lstpr50
lstpr50 Offline
New Poster
Joined: Apr 2010
Posts: 9
COLORADO
After the Federal Government removed HEMP from a drug to the department of agriculture - I talked with both my State Regulator and the FDIC and they had no guidance at this point on the Hemp side - said it was a bank decision, but if the grower exceeded the % of THC - all bets were off and they were a marijuana grower.

Now that the House as passed the SAFE Banking Act in committee and going to house for full vote - wanted to see what banks that are currently banking marijuana industry is doing as far as documentation. I think it is only a matter of time - with the Senate being the biggest road block - from what I read though - this legislation is what banks have been waiting for.

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