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Banking Act Paves the Way for Cannabis-Hemp Businesses

The SAFE Banking Act, designed to assist banks and financial institutions working with cannabis-related businesses in legalized states, has made significant strides in facilitating secure transactions within the industry. This legislation shields banks from federal penalties, enabling them to adopt conventional banking methods rather than dealing exclusively in cash.

This month, Piedmont Hemp Co.® announced a groundbreaking partnership with CFG Bank to provide financial services tailored to the needs of the national cannabis-hemp sector. As an agricultural hemp processor and producer of nutraceutical products, Piedmont Hemp Co.® faced numerous obstacles in securing banking services due to federal regulations and the reluctance of financial institutions to engage with cannabis-related ventures. Despite encountering over 30 rejections from traditional banks, CEO Keith Parker's innovative approach to financing sustained operations. Through persistent advocacy efforts and collaborations with organizations like Minorities for Medical Marijuana (M4MM), Piedmont Hemp Co.® forged a partnership with CFG Bank, one of the few institutions actively supporting the cannabis industry nationwide. With lending and deposit services now available, companies like Piedmont Hemp Co.® can flourish and expand their operations.

Looking ahead, Piedmont Hemp Co.® remains committed to advancing initiatives that foster growth and sustainability within the cannabis-hemp sector.