HB 1325 (or, “Bill”) is still pending in the Texas Legislature. The Bill will allow hemp growth in Texas for licensed hemp growers and will legalize hemp products, including CBD. HB 1325 will have an impact on manufacturers of hemp-derivative products in Texas and on hemp products in Texas. Today, we review what this impact will be and take a closer look at some of the pertinent provisions of the Bill.
What is one of the biggest problems facing cannabis businesses today? What to do with the money. Currently, most banks are reluctant to service cannabis businesses as such activity could threaten the bank’s charter since marijuana remains a Schedule I substance federally. Cannabis banking is certainly a risk for a chartered bank. Cannabis businesses cannot generally use credit cards or electronic funds transfers. Cash, which is fraught with risks, is sometimes the only way to operate.