Confusion surrounds hemp, CBD regs

Summit Credit Union CEO Kim Sponem says the financial institution is waiting for the federal government to set guidelines on how to regulate hemp or CBD businesses before the credit union takes them on as customers.

Recently, Summit notified one business, Hemp Haven, that its account would be closed until state and federal protocols are set, according to a WKOW-TV report.

There is some confusion between state and federal guidelines related to the 2018 U.S. Farm Bill, which legalized the industrial sale of hemp. Wisconsin’s oversight program conforms with the 2014 Farm Bill, according to the Department of Agriculture, Trade, and Consumer Protection (DATCP), but state and federal guidelines could come into alignment soon.