Hemp farmers have had a notoriously hard time when it comes to finding reliable financial services. Many hemp farmers can share stories of being dropped from a bank with very little notice when their bank got skittish about hemp.

The reason for this, says West Town Bank’s executive vice president and chief operating officer Melissa Marsal, is that bank regulators see hemp overall as high risk business, and therefore hemp companies get lumped together with other so-called high risk businesses like private ATMs, internet gambling and alcohol and tobacco.

Banks are required to perform extra due diligence when getting to know potential customers in these risky sectors, and many banks just…

Read Full Article Here