By: Buz Deliere | November 21, 2022
U.S. Sen. Jacky Rosen has introduced the Fair Access for Cannabis Small Business Act, which would ensure that legal cannabis businesses can access SBA services.
The SBA does not let cannabis companies participate in their programs or loans despite state law because the drug is still federally illegal.
cannabis has been classified by the Drug Enforcement Administration as a Schedule I controlled substance which means it's seen as highly dangerous and addictive with no medicinal value whatsoever.
Senator Rosen hopes this legislation “will level the playing field” for small cannabis owners and went on to say “The unfair barriers to basic federal support and resources have hurt our state’s legally-operating cannabis small businesses.”
The Fair Access for Cannabis Small Business Act would open up access to SBA 7(a) loans, disaster loans, and microloans. The small business investment company (SBIC) program and others such as SCORE, Veterans Business Outreach Centers, and Women’s Business Center.
This comes after this year's MJBizCon, the nation's largest cannabis B2B trade show, where the focus this year was on banking reform for the cannabis industry.
With more states legalizing cannabis, our government must figure out legislation that will allow these legal businesses access to banking and capital like many other small-business owners.