This past November saw the passage of H.R.2 – Agriculture Improvement Act of 2018, which, among other agriculturally based initiatives, sought to “legalize industrial hemp and make hemp producers eligible for the federal crop insurance program” (per www.congress.gov). In other words, the legal production of industrial hemp has transcended individual state legislation to become allowable at the national level.
As a result of this recent development, New Direction Trust Company is proud to begin accepting industrial hemp-based positions as investments in self-directed IRAs, 401(k)s, and health savings accounts. Some possibilities include:
“Hemp”, “cannabis”, and “marijuana” are often bundled into one conversation, but their distinctions from an industrial and legal standpoint are important to bear in mind. While the growth of industrial hemp has been legalized, the production and sale of marijuana remains illegal at the federal level. This remains true despite state-specific legislation that permits commercialized marijuana for medicinal and/or recreational purposes. As such, New Direction Trust Company now accepts investments tied to industrial hemp, but we are not currently serving investments in the marijuana industry by virtue of its federal prohibition.
New Direction Trust Company does not recommend or endorse any particular investment strategy, so please consult with your financial team to learn more about potential investments in the hemp industry. For more information about self-directed investing and your alternative investment options, please don’t hesitate to give us a call at 877-742-1270 or send us an e-mail at firstname.lastname@example.org.
gerry k. on 17 April 2019
are you going to do a webinar on this subject?Reply