Marijuana Associations And Credit Unions Call For Federal Coronavirus Relief For Cannabis Businesses | Marijuana Moment
Posted On April 28, 2020
- In a letter to congressional leaders on Tuesday, the American Trade Association for Cannabis and Hemp (ATACH), Policy Center for Public Health and Safety and 28 partnering groups and financial institutions noted that the marijuana industry and ancillary businesses that work with state-legal cannabis markets are specifically excluded from loans and lending programs provided for under several packages of COVID-19 legislation that have been approved.
- A coalition of hemp industry associations sent a letter to the head of the federal Small Business Administration (SBA) on Monday, urging the agency to extend access to certain coronavirus relief loans to farmers who cultivate the crop.
- While SBA has touted its support for the hemp market since the crop was federally legalized under the 2018 Farm Bill, the organizations said there is a lack of clarity surrounding which of the agency’s programs hemp businesses are eligible for, and they expressed frustration that farmers in general are excluded from participating in the Economic Injury Disaster Loan program.
- In a letter to state treasurers that was delivered earlier this month, a coalition of marijuana industry associations urged the officials to pressure their congressional delegations to include SBA access for cannabis firms in future coronavirus legislation .
- On Monday, Colorado Gov. Jared Polis (D) sent a letter asking a congressman from his state to take up the issue with his colleagues and ensure SBA access for the industry .
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