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11 Senators Demand Loan Relief for Cannabis Businesses, Immediately
The economic impact of COVID-19 is staggering, and there’s a chance it could get worse before things get better.
In response, the Federal Government enacted a series of bailout packages and stimulus funding bills to help businesses, small and large, manage this unprecedented scenario.
But there’s one big problem.
The cannabis industry is mostly locked out of accessing this money. The one exception is for qualified hemp farmers and hemp businesses. But that’s a small section of a much, much larger industry.
This can change, of course, and there are steps you can take right now to do something about it.
Today, you have the power to make a difference…
Cannabis Businesses Need to Be Included in SBA Loan Relief
In a letter sent to the United States Senate Appropriations Committee, 11 senators, led by Jacky Rosen (D-NY), stated the Small Business Administration (SBA) should immediately refrain from denying loan applications to businesses operating in the cannabis space. Bernie Sanders (D-VT), Kamala Harris (D-CA), and Cory Booker (D-NJ) were some of the most notable cosigners.
Senators Jeffrey Merkley (D-OR) and Ron Wyden (D-OR), two other cosigners of the letter, stated in a press release:
“States collected an estimated $1.3 billion in tax revenue from legal cannabis sales in 2018. 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.”
By legalizing cannabis, states could generate billions of dollars to make up for lost tax revenue. How COVID-19 is making a case for full cannabis legalization.
You would think federal officials would do everything they can to keep this revenue flowing while other wells run dry.
Let’s not forget the fact that the cannabis industry is actually adding jobs right now, not cutting them.
And much more than jobs are at stake.
If you believe every adult has the right to make their own decisions…
If you believe every person has the right to decide what medicine they want to put in their body…
If you believe people should not be rotting in cells for buying or selling small amounts of a plant…
Then you have the opportunity to something about it, right now.
You Can Make a Difference
Your voice has the power to make a difference.
And today, I want you to take a few minutes to call your local senator.
I want you to tell them why you support the legal cannabis industry, why cannabis should be legal at the federal level, and why you believe these companies deserve a fair shake and access to the small business stimulus plan.
It’s one of the best ways right now – and moving forward – to keep our economy churning and get folks back to work.
Federal legalization is the only way to do this. And we have the opportunity to make history.
You can find all the info you need to contact your House Representative here, and you can find your local Senator’s contact info right here.
Don Yocham, CFA
Executive Director, National Institute for Cannabis Investors
