Attorney General Jeff Sessions’ recent attempt to slow legal progress in the cannabis industry will have no effect on industrial hemp, which has support in Washington, according to industrial hemp industry leaders.
Legislators moved to support industrial hemp as recently as December, when the Industrial Hemp Banking Act (H.R. 4711), was introduced in the United States House of Representatives by Rep. Andy Barr of Kentucky and co-sponsored by Rep. James Himes of Connecticut and Rep. Jared Polis of Colorado. The bill seeks to ease strict requirements for banks serving the industrial hemp industry, and bar action by federal regulators.
“I’m co-sponsoring the bill because hemp’s potential is boundless, and I want to ensure companies can reap the benefits it has to offer and access customer and financial services like loans, credit card processors and banks,” Rep. Polis told HEMP.
In August, Rep. James Comer of Kentucky introduced the Industrial Hemp Farming Act of 2017, which would declassify hemp as a Schedule I narcotic under U.S. Drug Enforcement Agency policy.
“It’s a huge step forward,” Comer said in a release. “It