Bipartisan legislation would allow cannabis companies to list on major stock exchanges

Marijuana cannabis stock market growth concept Illustration

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  • A bipartisan House bill would allow cannabis multi-state operators (MSOs) to list on major U.S. stock exchanges as well as allow U.S. financial institutions to provide MSOs capital.
  • The Capital Lending and Investment for Marijuana Businesses Act (CLIMB), sponsored by Reps. Troy Carter (D-La.) and Guy Reschenthaler (R-Penn.), would "create a safe harbor for national securities exchanges to list the securities of issuers that are cannabis-related legitimate businesses."
  • The legislation would also bar federal agencies from bringing civil or criminal actions against other government agencies -- such as the Small Business Administration -- as well as U.S. banks.
  • "American cannabis companies are currently restricted from receiving traditional lending and financing, making it difficult to compete with larger, global competitors," Reschenthaler said in a news release. "The CLIMB Act will eliminate these barriers to entry, and provide state legal American cannabis companies, including small, minority, and veteran-owned businesses, with access to the financial tools necessary for success."
  • Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK:CURLF); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).
  • Earlier on Thursday, the SAFE Banking Act, which would also allow U.S. banks to do business with cannabis companies, was stripped from a large piece of legislation.

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