U.S. House of Representatives Approves Amendment To Protect Banks Working With State-Legal Marijuana

The U.S. House of Representatives on Tuesday approved an amendment to protect banks that service state-legal marijuana businesses from being penalized by federal regulators. It passed on a voice vote, and no member requested a roll call. The measure is now attached to large-scale defense spending legislation. This action comes hours after the House Rules Committee made in order the amendment from Rep. Ed Perlmutter (D-CO) for floor consideration. It was one of numerous drug policy proposals that lawmakers had hoped to attach to the National Defense Authorization Act (NDAA). Hemp offers new economic opportunities for America’s farmers, and the Risk Management Agency is pleased to offer coverage to hemp producers. A pilot hemp insurance program available in select counties through Multi-Peril Crop Insurance (MPCI) provides coverage against loss of yield because of insurable causes of loss for hemp grown for fiber, grain, or cannabidiol (CBD) oil. Revenue protection for hemp is offered nationwide u