New federal rules loosen industrial hemp regulations

State Legislature

ROCHESTER, N.Y. (WROC) — After meeting with area hemp growers, Senator Chuck Schumer said new federal rules have loosened regulations growers said were hurting their operation.

He said the changes mean banks can legally extend financial services to hemp-oriented businesses. Under the act, banks will no longer have to file suspicious activity reports for hemp-oriented businesses looking for loans.

Schumer said the industrial hemp industry can now continue to seed and grow in New York.

More: Senator Chuck Schumer calls for hemp farming regulations

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