CBD Banking: Legal or Not?
CBD (cannabidiol) is technically legal, but the FDA has not approved it as safe for human or animal consumption. The lack of regulations leaves a significant gray area that you need to understand if you offer financial services to CBD companies.
The CBD market has exploded, and the companies that make CBD products (including beverages, creams, edibles, and oils) are likely already coming to you to open business accounts. You need to understand what laws are in place, what regulations the FDA should soon provide, and the risk of offering services to CBD companies.
- What is CBD? What is the difference between hemp and marijuana?
- How did the federal government define hemp in the 2018 Farm Bill? What are the regulatory responsibilities of the USDA and FDA?
- What is the FDA’s current position on CBD?
- What regulations are the FDA expected to issue?
- What do banks need to know about CBD businesses?
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