US House Co-signs Banking For Hemp Industry
Using Cannabinoids In Supplements Remains Unlawful Under FDA Regulations
House passes “SAFE Banking” Act sponsored by Rep. Ed Perlmutter to allow cannabis- and hemp-related businesses in states with some form of legalized marijuana to access financial services by creating protections for those institutions. Sen. Jeff Merkley introduced the same legislation in March.
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House legislation to exempt hemp-derived cannabinoids from FDA rule that an “article” previously studied or approved for use as drugs is not allowed for use in dietary supplements either resolves a conundrum or raises additional questions for the agency and the industry.
As FDA continues deeming hemp-derived cannabinoids unlawful for use as dietary ingredients while allowing sales under a de facto enforcement discretion, the House passes legislation including language to legalize interstate transportation of the ingredients and products containing them.
Secure and Fair Enforcement Act would allow businesses marketing cannabis- and hemp-containing non-drug products as well as marijuana growers and sellers to use US banks through protections for depository institutions providing financial services; Senate legislation stalled in committee.