COLUMBUS–Ohio Gov. Mike DeWine has signed into law legislation that will allow credit unions and other financial institutions to legally serve businesses that cultivate hemp and sell Cannabidiol (CBD) products when either of those compounds contain less than 0.3% of tetrahydrocannabinol (THC), the active ingredient in marijuana.’
“While the Ohio Credit Union League takes no stance on the legality of marijuana, we do stand by our credit unions and their ability to legally serve all of their members and their financial needs,” said League President Paul Mercer in a statement. “Today’s signing of SB57 allows Ohio businesses to do that effectively, while also bringing our state into alignment with federal legislation.”
The OCUL noted that while in 2018 the federal government removed hemp and CBD retailers from the list of federally controlled substances, Ohio law remained tied to “burdensome marijuana-related business compliance standards.” The Ohio league, which represents 262 credit unions, said it supported the legislation to bring Ohio law into congruence with federal standards and help hemp and CBD businesses access financial services through their local credit unions.
Emergency Clause
The bill passed with an emergency clause, which means credit unions can begin serving hemp and CBD businesses immediately. Additionally, the Ohio Department of Agriculture will ease any compliance concerns by ensuring the hemp and CBD industry is properly licensed and meets required potency thresholds, the league said.