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Hagedorn Supports Bill to Protect Minnesota Farmers

Statement

Date: Sept. 26, 2019
Location: Washington, DC
Issues: Finance and Banking Marijuana

Congressman Jim Hagedorn (MN-01) yesterday voted in favor of H.R. 1595, the "Secure and Fair Enforcement (SAFE) Banking Act of 2019." The legislation passed the U.S. House by a vote of 321 to 103.

The legislation prohibits banks from withholding financial services from legitimate marijuana-related businesses, including Minnesota hemp farms and retail outlets. Similar language, recognizing industrial hemp under federal law, was included in the "Agriculture Improvement Act of 2018" (Farm Bill).

"This bipartisan bill will facilitate commerce and protect southern Minnesota's hemp farmers from discriminatory banking practices that would damage our agricultural economy and rural communities. The legislation enjoys broad support from financial institutions and farmers across the state," said Hagedorn.

Hagedorn clarified that he does not support the legalization of recreational marijuana use.


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