House of Representatives Voted to Allow Banks to Provide Services to CBD Companies

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Washington, D.C.—The U.S. House of Representatives voted to allow financial institutions the opportunity to provide services, including extending credit, to CBD-related businesses, according to a press release from the Natural Products Association (NPA). NPA worked with Rep. Andy Barr (R-MD) to include language in the Secure and Fair Enforcement Banking (Safe Banking) Act of 2019 that included CBD businesses.

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Daniel Fabricant, Ph.D., President and CEO of NPA, said in the release: “This is a win for legitimate businesses who are selling CBD products, but the bottom line is it doesn’t change the fact that congress needs to direct FDA to set a safe level of consumption for CBD. We will continue to work with the House and Senate to ensure that consumers have the information they need to make informed decisions about their health, especially when it comes to the fast-growing CBD marketplace.”

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