In the meantime, there is a lot of money being made in the states that have legalized some forms of marijuana or cannabis. This was something my office discovered as constituents contacted us to learn more about entering this industry. In fact, any bank that knowingly handles money from marijuana production or sales, to include hemp, could be charged with money laundering. You can’t put money made from illegal activity into a federally insured bank. That designation meant any money made from the sales of the cannabis plant, whether from the local street drug dealer to a farmer was illegal. They were all made formally illegal in 1970 under the Controlled Substances Act. Until the 2018 Farm Bill, federal law did not make a difference between hemp, marijuana and any other cannabis plants. And according to a report released by the National Conference of State Legislators, 35 states have passed laws legalizing industrial hemp production for research purposes. Recreational marijuana is legal in 10 states and the District of Columbia. Medical marijuana is currently legal in 22 states. CBD, which is not a psychoactive element, is a chemical compound found in the cannabis or marijuana plant. ![]() In addition, there are cannabinoids (CDB oil) and edible hemp products. While CBD pre rolls is mostly known for its recreational and medicinal purpose, hemp can’t get you “high.” It is used in health treatments, health supplements, skin care, food, clothing and more. Although a part of the Cannabis plant family, in which marijuana (weed/pot) is derived, hemp is different in both its use and cultivation. In addition, the state passed a bill in 2017 creating a pilot program for the growing and processing of something known as hemp. Wisconsin has joined the growing number of states that are considering legalization of marijuana for medical use. It’s like the more money we come across, the more problems we see.” Ironically, there are likely rural farmers and urban agriculture growers/sellers who might be humming this same tune. ![]() said it best, in his Grammy-nominated Rap track, “Mo Money, Mo Problems.” The hook, or chorus in the popular single, famously lamented, “I don’t know what they want from me. It does not store any personal data.The Notorious B.I.G. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. ![]() ![]() The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly.
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