In June, U.S. Rep. Troy Carter introduced The CLIMB Act to allow cannabis companies the ability to access critical lending and investment opportunities.
Carter outlined the proposed legislation, which goes beyond what the SAFE Banking Act can provide, Tuesday at Benzinga's Cannabis Capital Conference in Chicago.
"SAFE Banking is obviously a strong tool. CLIMB augments that to create yet another opportunity to create a safe harbor, if you will, for people to be able to access capital," Carter said.
The CLIMB Act: The Capital Lending and Investment for Marijuana Businesses (CLIMB) Act would allow state legal American cannabis companies, including small, minority and veteran-owned businesses, the ability to access lending and investment opportunities that are available in other regulated industries.
The CLIMB Act offers protections to financial lenders and government agencies tasked with promoting economic growth.