ROCHESTER, N.Y. (WROC) — Senator Chuck Schumer is calling for new regulations for a booming business in our area — hemp farming.
Forbes says hemp farming has quadrupled in the country this year, and there are a number of hemp farms in Monroe and Ontario Counties that prove it.
Senator Schumer is calling these regulations ‘guidelines’.
He and other senators are asking the Food and Drug Administration to set basic safety requirements for the industry. Schumer also wants updated guidelines from the Federal Reserve and FDIC, saying there’s confusion about many of the rules and many banks are hesitant to loan hemp companies.
Even though it comes from the same type of plant as marijuana, hemp does not produce a ‘high’. It’s used in many ways, including in cosmetics and other consumer products.
Schumer said the new rules will help farmers in our area. One farmer agreed, saying without clear rules, it really is like the Wild West in the hemp industry.
“It seems like it’s changing all the time…or lack of so,” said hemp producer Ira Fair.
Fair added that the lack of regulation makes transporting any kind of hemp product risky, especially when not everyone knows the law.
“Most industries, they don’t want onerous regulation, but they do want some regulation to give them guidelines, and so they know when they produce the product, manufacture the product and grow the product so they know it’s fine to do,” said Schumer.
Schumer also said he wants the state of New York to be a leader in growing hemp, and without these regulations there has been more chaos for the industry and its consumers.
Sales of Upstate New York CBD products were more than $200 million in 2018.