 and Guy Reschenthaler (R-PA) this week introduced the bipartisan Capital Lending and Investment for Marijuana Businesses (CLIMB)){kind=link}
U.S. Reps. Troy Carter, D-LA and Guy Reschenthaler R-PA introduced the bipartisan Capital Lending and Investment for Marijuana Businesses Act this week. The act aims to allow state-legal cannabis businesses to access the same lending and investing opportunities as other industries.
Financial institutions have a tendency to refuse service, since cannabis is still regarded as a Schedule I drug, which means it’s federally illegal.
CLIMB Act provides protection for lenders, including private lending institutions and government agencies such as the Small Business Administration (SBA) or Minority Business Development Associations (MBDA) that offer grants to cannabis businesses licensed in state.
Rep. Carter, in a recent press release stated that the legislation was an opportunity to create equity and equality for our growing marijuana industry.
By working with veteran, small and minority-owned businesses in cannabis, we’ve found that the lack of capital is one of the greatest barriers to entry into the industry. By bringing symmetry into the business ecosystem with the CLIMB Act, we can help communities that have long been harmed by the criminalization of marijuana become leaders in business – and that’s what the American Dream is all about.” — Carter, in a statement
Saphira Galoob of US Cannabis Roundtable said that the bill will “help unleash the potential of the American Cannabis Industry” and make sure “American Cannabis Businesses, Workers, and Investors have the same access and opportunities as their foreign counterparts.”
In December, Donald Trump signed an executive order directing the federal agencies that cannabis be moved from Schedule I under Controlled Substances Act to Schedule III. The order has not been implemented by officials.
The federal government began the rescheduling of flights in 2024 when then President Joe Biden was president.