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Nevada U.S. Senator introduces cannabis banking legislation

U.S. Sen. Jacky Rosen, D-Nev, introduced the Fair Access for Cannabis Small Business Act Thursday, which would ensure cannabis small businesses operating legally within their states can access Small Business Administration (SBA) services.

The SBA currently bars cannabis companies from its programs and loans, regardless of state law, because cannabis remains federally illegal. Cannabis is classified by the Drug Enforcement Administration as a Schedule I controlled substance.

“The unfair barriers to basic federal support and resources have hurt our state’s legally-operating cannabis small businesses,” said Sen. Rosen in a statement. “This legislation will level the playing field so that cannabis small businesses – including those owned by people of color, women, and veterans– have access to the same federal resources and loans that other legal businesses are entitled to.”

There are currently over 700 active adult-use and medical cannabis license holders in the state, according to the State of Nevada Cannabis Compliance Board.

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