The Consumer Healthcare Products Association (CHPA) released the following statement today following the House of Representative’s passage of H.R. 1996, the SAFE Banking Act:
“CHPA commends the House of Representatives for its passage of H.R. 1996, the SAFE Banking Act, introduced by Representative Ed Perlmutter (D-CO). The legislation would ensure that financial institutions can work with hemp and cannabis businesses without facing federal penalties.
“This bill comes at a crucial moment. As consumer demand for cannabidiol (CBD) products grows, products of questionable quality permeate the market. While House passage of H.R. 1996 is a positive step, House consideration of H.R. 841, the Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act of 2021, introduced by Reps. Kurt Schrader (D-OR) and Morgan Griffith (R-VA), is critical to protecting consumers and providing long-term certainty in the hemp-derived CBD market.
“We urge the Senate to quickly pass H.R. 1996, and take swift action on H.R. 841 following its passage in the House.”