The CLIMB Act Would Greatly Expand Access to Financial Services
WASHINGTON – The Capital Lending and Investment for Marijuana Businesses (CLIMB) Act was introduced Thursday by U.S. Congressmen Troy A. Carter, Sr. (D-LA) and Guy Reschenthaler (R-PA). If passed, the bill would provide safe harbor for private financial institutions that offer lending services to legal cannabis businesses. It would also provide protections for government agencies including the Small Business Administration (SBA), Minority Business Development Association (MBDA), and Community Development Financial Institutions (CDFI), allowing individuals and small businesses to receive funding for cannabis-related businesses and services. “The bipartisan CLIMB Act is a huge opportunity to bring equity and equal opportunity into our nation’s burgeoning cannabis industry,” Carter said . “From my work on the Small Business Committee and by working directly with small, minority, and veteran-owned cannabis businesses, it’s clear that access to capital remains one of the biggest barriers...