WASHINGTON – New legislation introduced today in the House of Representatives by Rep. Earl Blumenauer (D-OR) and Rep. Ed Perlmutter (D-CO) would allow cannabis businesses to access relief funds through the Paycheck Protection Program. Under current law, cannabis businesses that have been declared essential by states are barred from accessing loans from the Small Business Administration (SBA). The Emergency Cannabis Small Business Health and Safety Act can be viewed here.
“Cannabis businesses paying billions of dollars each year in federal taxes should be allowed to access the same economic relief funds as other small businesses impacted by this crisis,” said Saphira Galoob, NCR Executive Director. “Not only are our businesses essential during this crisis, the rapidly growing state legal cannabis industry will be essential to our nation’s economic recovery. We are asking to be treated like every other small business in the country, and that should also include permanent access to financial services through the passage of the SAFE Banking Act.”
The National Cannabis Roundtable promotes common sense federal regulation, tax equality and financial services reform and supports changing federal law to acknowledge states’ rights to regulate and manage cannabis policy. The membership of NCR represents every aspect of the cannabis supply chain. Our members operate in 23 states with legal cannabis programs, including the District of Columbia. We are growers, processors, retailers, wellness centers, investors, entrepreneurs, and publicly traded companies. Learn more at www.nationalcannabisroundtable.org