HI HB87

Clarifies that financial institutions in Hawaii 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.

Defines industrial hemp by reference to section 141-31 of Hawaii Revised Statutes, distinguishing it from cannabis/marijuana which remains a federally controlled substance.

Adds a new section (§412:2-) to Chapter 412, Hawaii Revised Statutes (banking regulations) to explicitly authorize financial institution involvement with industrial hemp businesses.

Responds to the federal Agriculture Improvement Act of 2018 (enacted December 20, 2018), which legalized industrial hemp production and removed it from the federal Controlled Substances Act.

Takes effect upon approval.