Posted: Aug 12, 2019 / 05:09 PM EDTUpdated: Aug 12, 2019 / 05:10 PM EDT
CORTLANDVILLE, N.Y. (WSYR-TV) â€” â€śYou can see the little flowers. Theyâ€™re starting to form on here and these in about four to six weeks, will be the size of my forearm,â€ť Allan Gandelman said.
After two years of hard work, Main Street Farms in Cortlandville is nearly ready for its second crop.
â€śAnd then after that, weâ€™ll harvest all the flowers and thatâ€™s what weâ€™ll process into oil,â€ť Gandelman said.
Thatâ€™s CBD oil to be exact, a product growing in popularity and AllanGandelman has 40 acres worth.
â€śWe sell to thousands and thousands of people,â€ť Gandelman said.
But getting this far financially hasnâ€™t been easy. They have been fighting the stigma of home, which is a relative of marijuana. Gandelman says many banks still see this plant only as its cousin and that comes at a cost.
â€śItâ€™s hard to totally quantify because the industry is growing so fast, but weâ€™re talking about hundreds of hundreds of thousands of dollars,â€ť said Gandelman.
Loan options are limited and even opening a bank account can be touch. Gandelman tried five times before a local credit union came in to help. Now, Senator Charles Schumer is hoping to help.
â€śI will be pushing federal regulators to quickly issue guidelines so that banks and financial institutions will issue loans and give services to all industrial hemp-related activities,â€ť Schumer said.
Main Street Farms will dry 40 acres of hemp when itâ€™s harvested in mid-September, but now they can only process 20 acres. The hope is by changing these banking guidelines, theyâ€™ll be able to secure more money and expand their processing and meet their needs.
Gandelman said, â€śThis would have ripple effects across the whole manufacturing industry, but also through the 500 farmers in New York right now who are growing hemp.â€ť
And hopefully make this growing farm even more successful.
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