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.

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