{"database": "press", "table": "releases", "rows": [["https://troycarter.house.gov/media/press-releases/congressman-carter-introduces-bipartisan-cannabis-bill-provide-access-lending", "Congressman Carter Introduces Bipartisan Cannabis Bill to Provide Access to Lending Services, Investments and Grants for State-Legal American Businesses", "2022-06-23", "2022", "2022-06", "Democrat", "House", "LA", "Troy A. Carter", "C001125", "troycarter.house.gov", "troycarter", "https://troycarter.house.gov/media/press-releases", "scraper", "WASHINGTON, D.C. \u2013 U.S. Congressmen Troy A Carter, Sr. (LA-02) and Guy Reschenthaler (PA-14) today introduced bipartisan legislation, The Capital Lending and Investment for Marijuana Businesses (CLIMB) Act, to allow state legal American cannabis companies, including small, minority and veteran-owned businesses the ability to access critical lending and investment opportunities currently available to other domestic and regulated industries. The CLIMB Act offers protections to financial lenders and government agencies tasked with promoting economic growth for American businesses and communities, which will help level the playing field against larger, global competitors in the cannabis industry.\n\n\u201cThe bipartisan CLIMB Act is a huge opportunity to bring equity and equal opportunity into our nation\u2019s burgeoning cannabis industry,\u201d said Congressman Troy Carter. \u201cFrom my work on the Small Business Committee and by working directly with small, minority, and veteran-owned cannabis businesses, it\u2019s clear that access to capital remains one of the biggest barriers to entry and to success in the industry. By bringing symmetry into the business ecosystem with the CLIMB Act, we can help communities that have long been harmed by the criminalization of marijuana move to now be leaders in the business sphere \u2013 and that\u2019s what the American Dream is all about.\u201d\n\n\u201cAmerican cannabis companies are currently restricted from receiving traditional lending and financing, making it difficult to compete with larger, global competitors,\u201d said Rep. Reschenthaler. \u201cThe CLIMB Act will eliminate these barriers to entry, and provide state legal American cannabis companies, including small, minority, and veteran-owned businesses, with access to the financial tools necessary for success. This bipartisan legislation will boost the economy, create jobs, and level the playing field for American businesses.\u201d\n\nDue to federal prohibition, state legal cannabis operators do not have equal access to traditional lending and financing options as non-U.S. companies, which creates significant barriers to entry for American cannabis companies, including minority-owned and ancillary businesses. Among other items, the CLIMB Act does the following:\n\nProvides safe harbor for private financial institutions to offer lending services state-legal American businesses. Due to federal prohibition, a majority of American banks will not offer loans or lending options to small, minority and veteran-owned cannabis businesses.\n\nProtects government agencies such as Community Development Financial Institutions (CDFI) and the Small Business Administration (SBA) and Minority Business Development Association (MBDA) from issuing grants and other sources of government funding. The CLIMB Act will allow entrepreneurs and small businesses to apply for funding to start and grow their business in the cannabis industry, particularly in areas most adversely impacted by the War on Drugs.\n\n\u201cThe National Cannabis Roundtable is proud to support House Members Troy Carter and Guy Reschenthaler\u2019s bipartisan Capital Lending and Investment for Marijuana Businesses Act,\u201d said Saphira Galoob, Executive Director of the National Cannabis Roundtable. \u201cThe CLIMB Act is critical because it provides state legal American businesses with traditional funding and support mechanisms for this emerging industry, which other domestic industries currently enjoy. The more financing sources available to cannabis businesses the better, particularly for entrepreneurs, small and minority-owned businesses that may have otherwise face challenges in obtaining access to capital. This bill provides a suite of options including institutional investments, CDFI and MBDA protections that will create good jobs and ensure inclusive economic growth and stability.\u201d\n\n\u201cSmall businesses entering the cannabis industry face extraordinary challenges accessing capital,\u201d said Michael Bronstein, President, American Trade Association for Cannabis and Hemp. \u201cBy creating funding avenues through the Minority Business Development Agency and Community Development Financial Institutions, as well as providing avenues for institutional investment, the cost of capital will continue to decrease, and the opportunity of the United States cannabis economy will become more inclusive and within reach for the many not just the few.\u201d\n\n\u201cCLIMB offers imperative financial access for women and minority entrepreneurs in cannabis,\u201d said Gia Mor\u00f3n, President, Women Grow. \u201cWhile SAFE Banking presents a security harbor for cash deposits, that only addresses one critical role in business banking. Women and minority owned enterprises in cannabis continue to face lack of access to lending, grants, and investment options. CLIMB proposes vital financial tools that will work through MBDA and CDFI to support entrepreneurs in our communities as they aim to scale their businesses.\u201d\n\n\u201cThe CLIMB Act is sound policy and will provide long-awaited critical financial support for small, minority and women-owned cannabis businesses,\u201d said Roz McCarthy, Founder and CEO of Minorities 4 Medical Marijuana. \u201cM4MM is grateful for the bipartisan leadership on this issue, and encourages congress to work together and advance this key piece of cannabis reform legislation.\u201d\n\n\u201cAs a veteran and executive in the cannabis industry, I welcome the opportunities that The CLIMB Act will provide as I work to grow my business,\u201dsaid Gary Hess, Founder and Executive Director of the Veterans Alliance for Holistic Alternatives (VAHA). \u201cHaving access to loans and grants will allow American cannabis entrepreneurs and businesses to reinvest in their employees and communities. The CLIMB Act will unlock these long-awaited, critical funding streams and promises to build a more fair and equitable industry.\u201d\n\n\"Small cannabis businesses cannot effectively compete in the highly regulated and complex cannabis industry without access to capital and lending services,\u201d stated National Cannabis Industry Association CEO Aaron Smith. \u201cThis bill is a much-needed reform that will help level the playing field for main street cannabis businesses across the country.\u201d\n\nAs of January 2022, over 425,000 full-time jobs are supported by the regulated U.S. cannabis industry. Further, the state legal cannabis industry produced nearly $25 billion in sales in 2021, outpacing many other industries in terms of size and growth, and the domestic industry is expected to grow to $41.5 billion by 2025\u2014representing the fastest growing sector in the U.S. over the last decade.\n\nThe full text of the bill can be found here.", 1, "2026-03-30T01:40:41Z", "2026-04-08T02:39:01Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://troycarter.house.gov/media/press-releases/congressman-carter-introduces-bipartisan-cannabis-bill-provide-access-lending"], "units": {}, "query_ms": 0.9066388010978699, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}