Senator Jacky Rosen, D-Nev., led the charge of senators who wrote a letter about cannabis businesses to the Senate Appropriations Committee. In particular, ten senators requested cannabis businesses receive access to the Small Business Administration (SBA) loans and grants. In particular the letter argues these small businesses operate in legal states and follow state rules and regulations. Therefore, they should have the same access to support as other businesses.
“In 2020, states collected an estimated $3 billion in tax revenue from legal cannabis sales,” the letter stated. “However, SBA’s current policy excludes small businesses with ‘direct’ or ‘indirect’ products or services that aid the use, growth, enhancement, or other development of cannabis from SBA-backed financing. Consequently, small businesses in states with some form of legal cannabis must choose between remaining eligible for SBA programs and participating in or doing business with a rapidly-growing and legal industry.”
Request
Additionally, the Senators’ request language included in the 2022 Financial Services and General Government Related Agencies Appropriations Bill be included for cannabis businesses.
“We strongly support SBA making all of its loan programs available to all state-legal cannabis small businesses,” the Senators continued in their letter. “We, therefore, ask the Subcommittee on Financial Services and General Government to include language in your forthcoming legislation to help extend SBA loan programs to cannabis small businesses legally operating in states that allow the sale and use of cannabis for medical or recreational purposes.”
Supporters
In particular, the full list of Senators includes:
- Jacky Rosen, D-Nev.
- Bernie Sanders, I-Vt.
- Cory Booker, D-N.J.
- Jeff Merkley, D-Ore.
- Maria Cantwell, D-Wash.
- Ed Markey, D-Mass.
- Ron Wyden, D-Ore.
- Bob Menendez, D-N.J.
- Alex Padilla, D-Calif.
- Raphael Warnock, D-Ga.
Many of the above listed senators, helped write the first draft of the Senate federal cannabis legalization bill. In short, the draft released July 14 and included Senate Majority Leader Chuck Schumer, D-N.Y. Democrats are moving forward with legalization, decriminalization, and reform efforts through various bills and requests. To clarify, read the full letter from these Senators HERE.
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