Industrial hemp banking continues to be a hot topic of interest to community bankers. Over 400 growers and processors have applied for licenses with the Illinois Department of Agriculture in the first year of the program. State and Federal regulations continue to be written. We are steadily getting partial insights from regulators but there is still no definitive guidance on the subject available at the moment, CBAI continues to gather as much information as possible as a resource for community bankers.
There are still many unanswered questions on the issue. What is industrial hemp? Who is allowed to legally grow and process it? How is industrial hemp different from cannabis in the opinion of banking regulators?
IDFPR recently issued guidance on industrial hemp banking. We are still waiting on guidance from federal regulators. CBAI has also put together initial guidance to help answer questions about the new laws. We have also obtained a list of entities licensed to grow and process industrial hemp in Illinois. The Illinois Department of Agriculture currently does not make licensee information publicly available. This is provided as a means for community bankers to verify that potential customers are in compliance with state licensing laws.
CBAI will also present a panel discussion at this years convention focusing on industrial hemp and cannabis banking. The panel with include officials from IDFPR, Illinois Department of Agriculture as well as leading compliance experts in the field. If you are planning to attend the CBAI convention in Springfield this year make sure to stop by this informative session.
- IDFPR Guidance on Industrial Hemp Banking
- Conference of State Bank Supervisors Advisory on Industrial Hemp/Cannabis
- FinCEN guidance on Cannabis Priorities and SAR Filings
- Industrial Hemp Banking Overview
- List of Registered Industrial Hemp Growers
- List of Registered Industrial Hemp Processors
Please note that these links are password protected behind the Members Only section of CBAI's website. If you do not have a login and would like access to that portion of our website, please contact Stacy Workman at 217/560-3096.