 On June 23, US Representatives Troy A. Carter, Sr. (D-LA) and Guy Reschenthaler (R-PA) introduced a proposal called the Capital Lending and Investment for Marijuana Businesses, otherwise known as their acronym, the “CLIMB” Act.
If passed, the bill would enable cannabis businesses to access a wide array of banking services, from lending to credit card services and money transfers. It would also allow cannabis businesses to be listed on the New York Stock Exchange, Nasdaq and other national securities exchanges. In a press release, Representative Reschenthaler said, “American cannabis companies are currently restricted from receiving traditional lending and financing, making it difficult to compete with larger, global competitors. The CLIMB Act will eliminate these barriers to entry, and provide state legal American cannabis companies, including small, minority, and veteran-owned businesses, with access to the financial tools necessary for success. This bipartisan legislation will boost the economy, create jobs, and level the playing field for American businesses.” At this time it is uncertain how much support the bill will garner, and what chance it will have to eventually pass. Comments are closed.
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