The latest news about CBD are here:
- The SAFE Banking Act will be incorporated in House’s second COVID-19 relief bill, CARES 2.0 .
- CBD sales are rising in the UK during the COVID-19 pandemic.
CBD News Stories
- SAFE Banking Act Incorporated In House CARES2.0 Bill
- CBD Purchases Are Surging In Uk During COVID-19 Pandemic
SAFE Banking Act Incorporated In House CARES 2.0 Bill
SAFE Banking Act has been added in to currently released CARES II COVID-19 relief bill by the US House of Representatives.
The banks which provide services to the CBD and marijuana businesses will be protected from being penalized by federal regulators.
Since the start of pandemic, it has been enforced to add some of the reforms regarding the cannabis in COVID-19 legislation.
The chief sponsor, Rep. Ed Perlmutter (D-CO), fronted the bill.
The prerequisite to the relief package states that this section is planned to enhance the public safety by ensuring availability of financial services to the legal cannabis businesses and service providers and decreasinf the amounr of cash at such businesses.
The constitution in the banking section will:
“allow legal cannabis-related businesses, that have remained open in many states during the COVID-19 pandemic as vital services, besides their service providers, to reach banking services and products, including insurance.”
The House passes the SAFE Banking Act last fall.
The SAFE Banking Act was passed in the House last fall. It proposed the legislative foundation to help cannabis businesses to be safe, reasonable banking and merchant services.
Nonetheless, it has remained in legislative tragedy until it was incorporated in the new COVID-19 relief bill.
Aaron Smith, executive director of the National Cannabis Industry Association, said that they admire the congressional leadership for prioritizing public health and safety by incorporating the logical cannabis banking policy in this legislation.
The grassroots influencing led to the addition of CBD companies in the bill to ensure their accessibility to banks and credit cards although it was originally specific to marijuana.
The sections 11 and 12 of the legislation’s text highlighted the impact of the bill on CBD businesses.
The major outcome is:
“(1) Verifying the legitimacy of hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, and the legitimacy of haunting in financial services with hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products, selling businesses after the execution of the Agriculture Improvement Act of 2018; and (2) recommending the best practices for financial institutions that need to be follow when providing merchant processing services and financial services to hemp, hemp-derived CBD products, and other hemp-derived cannabinoid products selling businesses.”
A positive response of the US Hemp Roundtable was observed to the announcement,
The US Hemp Roundtable reacted positively to the announcement, convincing lawyers to write to their senators for helping to push the bill into law.
UK Purchases Are Surging In Uk During COVID-19 Pandemic
The UK’s largest marketplace for certified CBD products, Alphagreen.io. states that CBD demand has increased to new heights whereas the rest of the economy suffers.
The e-commerce platform’s study exhibited that CBD products had been purchased by more than 8 million Britons, paying over £150m ($181 million USD) during the first four months of 2020.
This buying acceleration has placed the British CBD market on a track to attain £450m ($545 million USD) over the entire year. This would
This would depict a 50 percent development compared to 2019.
The research was authorized after an observation of an increase in the demand for CBD products by Alphagreen.io in the beginning of March.
With regard to the results of the study, , Alexej Pikovsky, CEO of Alphagreen.io, said: “The important point here is that we have looked for alternative for people who feel anxious, have difficulty in sleeping and, in some cases, feeling depressed by the traditional health system.”
The survey examined 5,000 adults and observed that 8.4 million Britons had either already purchased CBD in 2020 or have decided to do so. More than half said they had made CBD purchase for the first time during the past 12 months.
It is believed by Pikovsky that this increase is not temporary rather Britons have become aware about products and what is avaliable.
