charles vice

Adrian Cable / Wikimedia Commons

Some Kentucky businesses that sell hemp products are still having trouble getting financial services, lawmakers were told during a legislative committee on Wednesday.

Banks are still hesitant to offer loans or credit card processing capabilities to hemp farmers, processors and retailers because of the plant’s similarities to cannabis, even though hemp was legalized by the federal government in 2018.

"Money" by Tax Credits, Flickr Commons, (CC BY 2.0)

Borrowing attitudes are posing a challenge for community banks in Kentucky and across the nation. 

Community bankers recently provided input at town hall meetings hosted by state regulators in 27 states, including Kentucky.