Ohio bill allows CUs to serve businesses that cultivate, sell hemp products

The state’s league supports the bill, which enables credit unions to meet the financial needs of CBD companies.

Ohio Gov. Mike DeWine signed a bill Tuesday that will allow credit unions and other financial institutions to lawfully serve businesses that cultivate hemp and sell cannabidiol products containing the federal legal limit of no more than 0.3% of THC, the chemical that triggers marijuana’s intoxicating effects.

Marijuana products with THC levels of more than 0.3% are illegal, according the U.S. Food and Drug Administration.

“While the Ohio Credit Union League takes no stance on the legality of marijuana, we do stand by our credit unions and their ability to legally serve all of their members and their financial needs,” Ohio League President/CEO Paul Mercer said. “Today’s [Tuesday] signing of SB57 allows Ohio businesses to do that effectively, while also bringing our state into alignment with federal legislation.”

The bill directs the Ohio Department of Agriculture to draft rules to regulate the licensing and processing of hemp consistent with the 2018 federal Farm Bill, which removed hemp from the controlled substances list, Gov. DeWine’s office said.


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