HI HB87

Federal Agriculture Improvement Act of 2018 legalized industrial hemp production on December 20, 2018, removing it from the federal Controlled Substances Act.

Industrial hemp is distinguished from cannabis/marijuana by its uses in food, oil, fiber, paper, textiles, clothing, insulation, biofuel, and animal feed rather than medicinal or recreational purposes.

Amends Hawaii Revised Statutes Chapter 412, Part VI, Article 2 to authorize financial institutions to accept deposits, provide loans, and conduct 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 Hawaii Revised Statutes Section 141-31.

Takes effect upon approval.