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US: Senators push to allow cannabis business to access federal loan program

Eleven senators sent a letter to leadership in a key committee asking that they add a provision allowing cannabis businesses to access federal loan services in an upcoming annual spending bill.

In the letter, led by Sen. Jacky Rosen (D-NV), the lawmakers told the Appropriations Committee that it should “include report language prohibiting the Small Business Administration (SBA) from denying loan applications” to cannabis firms as part of the fiscal year 2021 spending bill for Financial Services and General Government and Related Agencies.

“Over the last decade, there has been a clear shift in public opinion toward supporting the legalization of cannabis in the United States,” the letter, which was shared with Marijuana Moment, states.

While the number of legal cannabis states continues to grow, and those jurisdictions continue to collect millions of dollars in tax revenue, SBA policy prohibits participation in their programs by companies that directly or indirectly “aid the use, growth, enhancement, or other development of cannabis” by providing cannabis products or services.

Read more at marijuanamoment.net


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