Opportunities arise for farmers and ag lenders from the 2018 farm bill.
Hemp, one of the most versatile crops, is poised for a resurgence following the passage of the 2018 farm bill. That legislation codifies the distinction between hemp and marijuana and removes hemp from the scope of the Controlled Substances Act. This should be a welcome development for agricultural lenders– who have largely avoided any association with hemp for decades– as it will allow them to access a now-legal industry that is expected to generate billions of dollars of potential deposits in the next few years.
The complete article, "The Newly Legalized Hemp Industry," was originally published in the second quarter 2019 issue of Ag Banking.