Texas THC Lawyer

A coalition of the top financial regulators in 13 states is demanding congressional action to protect banks that serve marijuana businesses.

In a letter sent to congressional leaders late last week, the regulators stressed that conflicting state and federal cannabis laws have inhibited economic growth, created confusion among state banks and credit unions and jeopardized public safety.

“It is incumbent on Congress to resolve the conflict between state cannabis programs and federal statutes that effectively create unnecessary risk for banks seeking to operate in this space without the looming threat of civil actions, forfeiture of assets, reputational risk, and criminal penalties,” the regulators wrote.

“While Congress has taken some action, such as the Rohrabacher amendment prohibiting federal funds being used to inhibit state medicinal marijuana programs, this has been an impermanent approach that requires a permanent resolution.”

Finance officials from Alaska, Connecticut, Hawaii, Louisiana, Michigan, Montana, Nevada, New York, Oklahoma, Oregon, Pennsylvania, Utah and Washington State signed the letter.

Colbert County Attorney Bryce Graham and Lauderdale County Attorney Chris Connolly declared that they plan to “crackdown” on CBD oil sales in Alabama.  County Attorney Connolly claims that “CBD oil is on the list of controlled substances”, but fails to mention the impact of the 2014 Farm Act on the treatment of legally grown industrial hemp in the Uinted States.  Hemp advocates  remain hopeful that the 2018 Farm Bill and the Hemp Amendment will pass through Congress in September and be signed into law by President Trump. If that happens, it will once and for all end this debate and formally declassify hemp and CBD oil as a Schedule I Controlled Substance under the CSA.

  

On the eve of passage of the Farm Act of 2018 and the Hemp Amendment through Congress, the DEA has raided a vape shop in Amarillo and seized CBD oil. Texas Health has still yet to make a decision on whether it too will begin to seize CBD oil. This is a troubling day for advocates of Hemp based products. CBD oil contains a fractional amount of THC, if any, and in has none of the hallucinogenic affects of cannabis. Stay tuned for updates.