Since the CBD market exploded in the U.S. after the 2018 Farm Bill, one of the main complications hemp entrepreneurs have faced is in the banking sector.
Startups, manufacturers and retailers in the cannabis industry have been hemmed in by gun-shy banks which have refused service to CBD purveyors even despite the fact the products these companies are making are now legal in most states.
People have turned to CBD, a hemp extract that is related to marijuana without the high, for their anxiety, chronic pain, insomnia and a glut of other problems.
Despite messages from federal regulators to banks claiming investments, loans and financial services for CBD companies are legitimate, some institutions have been slow to adopt the more accepting attitude toward cannabis companies.
Unfortunately, some small businesses have faced unfair treatment compared to larger corporate clients like CVS Pharmacies, which recently decided to carry CBD products. [1] [2]
Still, changes are always occurring within the market.
This week, the president of the National Credit Union Association issued a statement that allegedly provided new guidelines for credit unions and banks interested in working with hemp and cannabis businesses. [3]
NCUA Chairman Rodney Hood said, “Credit unions need to be aware of the Federal, State and Indian Tribe laws and regulations that apply to any hemp-related businesses they serve. Credit unions that choose to serve hemp-related businesses in their field of membership need to understand the complexities and risks involved.” [3]
One option for interested entrepreneurs is to become a licensee at Nothing But Hemp, one of America’s leading educational, organic CBD retailers. [4]
Nothing But Hemp has locations in Nevada, Florida and Minnesota, with a growing list of those who are interested in its “business-in-a-box” simplicity and Cross Fit style educational model which is meant to spread scientific knowledge and health prospects of CBD to as many people as possible.
Nothing But Hemp licensees are not only helped along by the management and marketing resources of the company, they can also see the benefits of exclusive access to some of the industry-leading CBD brands, award-winning for their quality and performance. [4]
On top of the other Nothing But Hemp benefits, all licensees can expect guaranteed access to banking services that circumvent the pitfalls so many small enterprises face as described above.
With Nothing But Hemp, interested customers and entrepreneurs alike can navigate the quality-control and managerial problems posed by the new CBD industry.
Sources
[1] https://amp.benzinga.com/amp/content/14258252
[2] https://news.yahoo.com/declined-why-credit-card-company-223510129.html
