WASHINGTON — 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, Colo.). 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, Ore.) 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.”