Schumer, in Schoharie County, advocates for hemp farmers
Aug 14, 2019 12:45 am
Jason Subik reports for the Daily Gazette that New York Senator Chuck Schumer visited the five-acre, 7,500-plant hemp growing operation at SUNY Cobleskill in Schoharie County Aug. 12, vowing to help local farmers growing hemp to get loans from banks. The 2018 Farm Bill legalized hemp farming, but most banks won't lend farmers of the crop money because of the association with cannabis. "What we're asking the Federal Reserve and the [Officer of the Comptroller of the Currency] to do is come up with guidelines. Once they set up guidelines, the banks want to do this. They know it's profitable, but they're afraid, but once the government sets up guidelines they'll do it," Schumer said, surrounded by hemp plants. "The other thing we need to do is the credit card companies, they're also afraid of anything with cannabis, so we have to make sure that is ironed out, and even selling them online," Schumer said. Read more about this story in the Daily Gazette.