Latest / NRBC Compliance Brief / Vol. 1, Ed. 26 — Wed Sep 9: Report: hemp ban would close 68% of businesses
Transcript
- This is the New Realm Compliance Brief, Volume One, Edition Twenty-Six, for Wednesday, September Ninth. Our top story: a new analysis from Whitney Economics projects that just over sixty-eight percent of American hemp businesses would shut down if the federal hemp ban takes effect on December eleventh as scheduled, with states losing between one point two and one point five billion dollars a year in tax revenue. Positions on the deadline remain split. Senator Tim Sheehy of Montana said a blanket hemp ban would wipe out American farm families, small businesses, and countless jobs, while the American Trade Association for Cannabis and Hemp said the current framework empowers bad actors and undermines state regulations, and urged Congress to let the ban take effect. At the federal level, the Government Accountability Office reported that about one thousand banks and credit unions served cannabis businesses in twenty twenty-four, a small share nationwide. Operators described account closures, months-long applications, and fees that in some cases topped one hundred thousand dollars a year, though the report found no bank has been penalized solely for serving the industry. Around the states: in Ohio, Vext Science voluntarily closed its dispensary in Jackson at the request of state regulators, who are investigating two serious health events possibly linked to products sold there. Certain product lines are quarantined statewide pending independent testing. And in Colorado, a Denver Gazette and ProPublica investigation found the state's Marijuana Enforcement Division averaged more than seven months between product complaints and public safety warnings. On the radar: the federal hemp ban takes effect December eleventh, with the F D A's covered-cannabinoid list still unpublished. California's Cannabis Advisory Committee meets September fifteenth. And the D E A's marijuana rescheduling review remains pending. Full details and source links are in today's email. This update is for general information only — it is not legal advice.