Jonathan Robbins discussed the latest developments in the cannabis industry in a Q&A interview with Law.com, including the Florigrown litigation and new guidance by the National Credit Union Administration regarding the hemp industry.
Robbins told Law.com of Florida’s CBD industry, “We have a hemp statute. Obviously we're waiting on USDA rules before anything really kicks into gear. And then we're also waiting on the passage of some draft rules that have been making their way through the Department of Agriculture down here in terms of the registration of cultivators, extractors, sellers and transporters.”
Regarding the new interim guidelines release by the National Credit Union Association spelling out how credit unions can legally serve hemp businesses, Robbins commented, "It's not law. It doesn't give credit unions any rights that they didn't have before. And candidly it sort of raises the bar because if you look at the guidance, it makes very, very clear that the Bank Secrecy Act anti-money laundering policies and procedures are as important or more important than ever. So credit unions are still going to have to fill out the suspicious activity reports and they're still going to have to heavily vet their customers."