A new bipartisan bill with similar aims as the SAFE Banking Act was filed this week by Democratic U.S. Rep. Troy Carter of Louisiana and Republican U.S. Rep. Guy Reschenthaler of Pennsylvania.
According to a news release, the two legislators have introduced the Capital Lending and Investment for Marijuana Businesses (CLIMB) Act of 2022.
The CLIMB Act would:
Guarantee that financial institutions working with marijuana companies would be protected from federal regulators.
Bolster business lending to state-legal marijuana businesses.
Protect federal agencies such as the Small Business Administration that could issue grants and loans to cannabis companies.
The CLIMB Act has already garnered endorsements from a number of MJ industry associations, including the National Cannabis Industry Association, National Cannabis Roundtable, American Trade Association for Cannabis and Hemp, Women Grow and Minorities 4 Medical Marijuana, among others.