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.