THE SENATE

S.B. NO.

1352

THIRTIETH LEGISLATURE, 2019

 

STATE OF HAWAII

 

 

 

 

 

 

A BILL FOR AN ACT

 

 

relating to industrial hemp.

 

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

 


SECTION 1. The legislature finds that the federal Agriculture Improvement Act of 2018 became law on December 20, 2018, and legalized the production of industrial hemp, a variety of the cannabis sativa plant species that produces food, oil, and durable fiber that can be refined for use in commercial products, such as paper, textiles, clothing, insulation, biofuel, and animal feed. Industrial hemp is an agricultural commodity that differs greatly from cannabis, also known as marijuana, that is used for medicinal and nonmedicinal purposes and is federally regulated as a controlled substance. Industrial hemp, by contrast, was removed from the federal Controlled Substances Act by the Agriculture Improvement Act of 2018.

Accordingly, the purpose of this Act is to clarify that financial institutions in the State are authorized to conduct business with persons and entities that lawfully grow, produce, sell, market, advocate for, or otherwise deal with industrial hemp.

SECTION 2. Chapter 412, Hawaii Revised Statutes, is amended by adding a new section to part VI of article 2, to be appropriately designated and to read as follows:

"412:2- Industrial hemp; financial institutions; business authorized. (a) Any law to the contrary notwithstanding, financial institutions are authorized to accept deposits, provide loans, and conduct other business with persons and entities that lawfully grow, produce, sell, market, advocate for, or otherwise deal with industrial hemp.

(b) As used in this section, "industrial hemp" has the same meaning as in section 141-31."

SECTION 3. New statutory material is underscored.

SECTION 4. This Act shall take effect upon its approval.

 

INTRODUCED BY:

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Report Title:

Industrial Hemp; Financial Institutions; Conducting Business

 

Description:

Clarifies that financial institutions are authorized to conduct business with persons and entities that lawfully deal with industrial hemp.

 

 

 

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.