News

U.S. Bank Closes Accounts Of Oregon Hemp Business, Complicating New Local Industry

Even though hemp is federally legal, there are discrepancies in banking

As Vale native Jim Hutchens geared up for the hemp harvest, the financial institution he banked with for more than 40 years threw him a curve ball.

Hutchens learned “out of left field” last week that U.S. Bank was going to close all of his accounts.

“I have six accounts with U.S. Bank,” said Hutchens.

The reason for the sudden decision? Hutchens said he believes the bank is cutting ties with his business – Treasure Valley Extractions – because it harvests hemp and then processes it into an organic oil known as cannabidiol, or CBD oil.

To Read The Rest Of This Article On Malheur Enterprise, Click Here

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

CHAMPS CBD Report, or ‘CCR’, is a national daily online trade publication serving retailers of CBD products and accessories. News and information are geared strictly to select retail channels, with distribution limited to retailers that sell CBD products and wholesalers.

Newsletter

Stay informed with the most up-to-date industry news to help you grow your business: subscribe to our newsletter below!




Copyright © 2019 CHAMPS CBD Report. Terms & Conditions | Privacy Policy

To Top