Schumer Urges Financial Institutions to Help Hemp Industry – Spectrum News

In the fields of Cortland is Main Street Farms– a hemp farm.

“I got lyme disease a few years ago and I get really sick and I started taking CBD oil from industrial hemp and it really reduced or relieved most of my symptoms so that’s how– after that I knew I wanted to grow hemp and make CBD oil,” said Main Street Farms Owner Allan Gandelman. 

With all the talk about CBD, one might think business is booming. And sure, it could be, but there are some hurdles to jump. 

“Usually we call them and they say, ‘What do you do?’ and they say, ‘We’re not loaning to those types of companies?'” said Gandelman.

Trying to get a loan or even a credit card processor all prove to be difficult when you’re growing hemp plants. 

“Usually most of the time the bank is like, ‘I love CBD oil! I buy your products at the store and it helps me sleep at night!’ Usually it’s more like, ‘We’re worried that the FDIC is going to drop us. We’re worried that the federal bank regulations is going to give us huge fines and we’re just not comfortable taking that kind of risk,” said Gandelman. 

But federal lawmakers, like Senator Chuck Schumer, are putting the pressure on federal financial institutions. He wants to see the federal institutions provide guidance to banks to let them know– growing hemp is legal. 

“It would just open up credit card processing and it would also just open up us being able to take out loans for equipment in a very traditional way and for us to be able to finance business growth,” said Gandelman. 

Source: https://spectrumlocalnews.com/nys/hudson-valley/news/2019/08/12/helping-hemp-farms

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