Vicente Sederberg LLP Hemp Update: July 2020
Jul 13, 2020
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Introducing VS's Grants & Loans Practice
Government grants, contracts, and loans can be an important source of funding. There are many state and federal programs for which hemp businesses are eligible and state programs for which marijuana businesses may be eligible. We will continue to update you on grant and loan opportunities as they arise. Learn more about our Grants & Loans practice here.
Grant Opportunity: Socially-disadvantaged Groups Grant Applications Now Available
The USDA’s Rural Business-Cooperative Service, which offers programs to help businesses grow as well as job training for people living in rural areas, is inviting applications for the Socially-Disadvantaged Groups Grant (SDGG) program. Completed applications are due no later than midnight Eastern Time on Monday, August 10, 2020 to be eligible for funding.
FinCEN Issues Guidance on Hemp Banking Rules
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) released updated guidance for banks and credit unions that service hemp businesses. The new memo explains changes in reporting requirements and emphasizes that because the crop is no longer a controlled substance, financial institutions don’t have to automatically flag transactions that are from hemp business accounts. Read the full article from Marijuana Moment.
NCUA Issues Hemp Banking Guidance for Credit Unions
The NCUA recently issued an updated FAQ memo for credit unions serving or considering serving hemp-related businesses, as they too have been affected by the COVID-19 pandemic. The letter is advisory and provides no new expectations or requirements for credit unions. Read the letter and updated FAQ.
Hemp for Our Future Seeks Donors in New York, Massachusetts and California
Empowered by a collaboration of hemp industry stakeholders and supporters, the social responsibility initiative Hemp for Our Future has facilitated donations of hemp-based products and other products for nurses organizations, and those experiencing hunger or homelessness. The group is looking for New York-, Massachusetts-, and California-based hemp companies who want to donate products to those in need.
Shawn Hauser Elected to INCBA Board of Directors
INCBA’s Board of Directors is elected by the INCBA membership, and represents a diverse set of attorneys who come from different backgrounds. Each director serves a term of two years, and plays an integral role in steering the direction of the association. Congratulations, Shawn!
On June 16, the Colorado Department of Agriculture submitted the Colorado State Hemp Management Plan to the USDA. The plan addressed the Interim Final Rule requirements and many aspects that the CHAMP Committee has worked through. USDA has 60 days to review the plan and, once approved, it will begin implementation on November 1, 2020.
The Florida Governor signed HB 921 which added “inhalables” to the definition of Hemp Extract, and further requires that hemp products that are intended for inhalation may not be sold to anyone under the age of 21.
Georgia’s legislature passed HB 847 and it now awaits Governor Kemp’s signature. This bill would set rules for the state’s new hemp farming industry. Notably, this legislation would require hemp farmers and processors to obtain licenses, allow hemp sales to out-of-state-businesses, and raise the processing fee.
Starting August 1, online retailers of CBD products will be required to register with regulatory officials before selling their products to customers in Louisiana. Read more about the new law, HB 843, and the new requirements in this VS Insights post from Courtney Barnes.
INCBA Regulatory Rounds CLE | July 24, 2020
- Shawn Hauser will participate in the panel “Hemp - USDA Interim Final Rule and What it Means for Hemp Clients.” This panel seeks to get to the bottom of the IFR and what it means for the hemp CBD industry currently and in the future.
Webinar: Campaign to Align Federal Legislation and USDA Rulemaking with the Domestic Hemp Industry | July 28, 2020
- Join Shawn Hauser, Courtney N. Moran, LL.M., and Eric Steenstra as they discuss how full implementation of the USDA Interim Final Rule threatens the survival and success of hemp businesses and how Agricultural Hemp Solutions' Campaign to Align Federal Legislation and USDA Rulemaking with the Domestic Hemp Industry aims to influence legislation.
- Register here!