Hemp Banking North Carolina

Herring Bank proudly offers its Hemp and CBD Banking Program, tailored to address the unique financial needs of North Carolina’s hemp and CBD industry. With specialized business checking accounts, your funds are managed securely, ensuring smooth day-to-day operations. Our accounts include 24/7 online banking, allowing you to monitor your finances anytime, anywhere, while simplifying consumer payments and electronic tax submissions to maintain compliance and efficiency.

Business Checking Accounts for Hemp and CBD Businesses

Our customized business checking accounts are the foundation of financial management for hemp and CBD companies. These accounts are designed to optimize cash flow, enabling secure and efficient transactions. Combined with features like debit cards, online banking, and secure payment processing, Herring Bank’s checking accounts provide the flexibility and control necessary to manage your finances effectively. Optional services, such as secure cash pick-up and delivery, further enhance your operations by reducing the risks associated with cash handling.

Regulatory Changes in Hemp Cultivation

As of January 2025, North Carolina’s hemp industry is experiencing significant regulatory changes that affect cultivation, processing, and the sale of consumable hemp products. These updates aim to align state regulations with federal guidelines while addressing the growing demands of the industry.

Effective January 1, 2025, the responsibility for issuing hemp cultivation licenses in North Carolina has shifted from the North Carolina Department of Agriculture and Consumer Services (NCDA&CS) to the United States Department of Agriculture (USDA). As a result, the NCDA&CS concluded its hemp licensing program on December 31, 2024. Prospective hemp growers in North Carolina must now apply directly to the USDA for cultivation licenses. This change ensures compliance with federal standards while streamlining the licensing process. (North Carolina Department of Agriculture)

Consumable Hemp Product Regulations

The North Carolina Department of Health and Human Services (DHHS) continues to oversee the manufacture and sale of consumable hemp products within the state. As of July 1, 2024, Senate Bill 762 introduced new regulations, including:

• THC Limits: Consumable hemp products are restricted to 5 milligrams of tetrahydrocannabinol (THC) per serving and a maximum of 15 milligrams per container.
• Age Restrictions: The sale of consumable hemp products is limited to individuals aged 21 and over.
• Prohibited Products: The law bans synthetic THC and prohibits products intended for inhalation.
• Labeling Requirements: Products must include clear warning labels, similar to those on alcohol, informing consumers of potential risks and usage guidelines.

Economic Impact and Industry Response

These regulatory changes have sparked concerns among North Carolina’s hemp businesses. Industry stakeholders argue that the stricter THC limits and product prohibitions could hinder market growth, potentially leading to the closure of some CBD retailers. The North Carolina Industrial Hemp Association (NCIHA) has emphasized the need for balanced regulations to support the industry’s growth while ensuring consumer safety. Efforts by certain groups to further restrict or ban consumable hemp products could significantly impact the industry’s economic viability. (North Carolina Industrial Hemp Association)

Banking and Financial Services

Access to financial services remains a critical challenge for hemp businesses due to the complex regulatory landscape. While hemp is federally legal, its association with cannabis often results in cautious approaches from financial institutions. However, banks like Herring Bank have developed specialized programs to support hemp-related businesses, offering services such as business checking and savings accounts, online banking, and cash management solutions tailored to the industry’s unique needs.

Herring Bank provides hemp banking services to businesses in North Carolina, including but not limited to the following cities:

• Charlotte
• Raleigh
• Greensboro
• Durham
• Winston-Salem
• Fayetteville
• Cary
• Wilmington
• High Point
• Concord
• Asheville
• Greenville
• Gastonia
• Jacksonville
• Chapel Hill
• Rocky Mount
• Huntersville
• Burlington
• Wilson
• Kannapolis

Our services are designed to meet the financial needs of hemp businesses across the state, offering tailored banking solutions to help you grow and thrive in this dynamic industry. Whether you’re a grower, processor, retailer, or testing lab, Herring Bank is committed to supporting your success in North Carolina’s evolving hemp and CBD market.