Despite legalization of adult use and medical cannabis in the U.S., federal classification of cannabis subjects business to potential civil and criminal penalties, as well as the risk of forfeiture under federal law.
State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans.
Many direct and indirect cannabis businesses have difficulty accessing loans or other financing. The proposal seeks to allow the Administrator to provide a guarantee for a loan to eligible small businesses that are cannabis-related legitimate businesses or service providers.
Makes amendments to the Small Business Act and SB Investment Act to make SBA programs and services available to cannabis-related legitimate businesses and service providers.
Targeting technical assistance and loans to socially and economically disadvantaged business owners outside of the cannabis industry via:
- Expanding pre-existing programs to provide assistance and loans to those economically disadvantaged business owners outside the cannabis industry.
- Grants to certain business owners to offset administrative and compliance costs associated with the provisions within this proposal.
This proposal will make amendments to the Small Business Act and SB Investment Act to make SBA programs and services available to cannabis-related legitimate businesses and service providers.
The bureau of labor statistics shall regularly compile and publicize data on demographics of business owners and employees in the cannabis industry.