With hemp poised to score a historical victory if President Donald Trump signs the 2018 Farm Bill, a panel of experts gathered during the Wisconsin Farm Bureau Federation (WFBF) convention on Dec. 2 to discuss all things hemp.
Led by Senate Majority Leader Mitch McConnell, the 2018 Farm Bill would legalize hemp, removing it from the list of Schedule 1 illegal drugs.
Included in the panel was Scott Birrenkott, assistant director of Legal Wisconsin Bankers Association, who explained that for bankers, removing hemp from the illegal substance list "could significantly change" the way financial institutions view this from banking customers that are engaged in growing, processing and selling of hemp products.
Having clarity on the federal level would allow financial institutions to consider hemp more from a business perspective.
"[If] there is a specific and clear carve out for hemp, then that would be significant," explained Birrenkott. "That would go a long way toward mitigating a lot of the risk that financial institutions are looking at right now in Wisconsin to anyone looking to participate in the pilot program."
Read more in the Wisconsin State Farmer.