The US Senate passed a bailout bill against the Coronavirus, which allows farmers in the cannabis industry to obtain certain federal loans during a coronavirus pandemic.
All along, farmers have been excluded from the Federal Small Business Administration (SBA) because they can get support from the United States Department of Agriculture (USDA). But these project support is only for natural disasters, so industry advocates have been urging Congress to allow farmers to participate in SBA’s Economic Damage Disaster Loan (EIDL) project. The bill is expected to pass this week.
Under the bill, cannabis growers and businesses are eligible for the SBA project protection plan.
The advocacy group Vote hemp said in an email that the bill passed this time will bring good news to cannabis growers.
The Hemp Roundtable said it remains to be seen whether cannabis producers can receive support from the USDA ’s Food Assistance Program.
SBA has provided a lot of support for the cannabis industry, but it is unclear whether these companies can get help.
At the same time, the USDA continues to approve state and tribal regulatory proposals for domestic cannabis projects. Florida and Kansas are the last two states to accept the proposal last week.
Although the cannabis industry has had some success during this period, cannabis companies still have not been able to obtain bailouts from federal finance.
This week, 10 senators suggested that marijuana companies could gain access to the SBA project during the New Crown Virus. The House of Representatives made the same request last week. This month, the Cannabis Industry Association Alliance not only made the same request but also hoped that each state government would provide a separate loan or loan project for the cannabis market.
Representatives Joyce Beatty (D-OH) and Joe Kennedy III (D-MA) also launched an initiative last week for former business owners (including those who hold marijuana) not to be canceled by the SBA’s wage protection plan.
Colorado Governor Jared Polis (D) sent a letter to state congressmen and government personnel to discuss and ensure that the cannabis industry can obtain SBA projects.
Regarding the use of marijuana by veterans, Senator Elizabeth Warren of the Massachusetts Democratic Party sent a letter to the head of the U.S. Department of Veterans Affairs last week, allowing doctors to provide oral advice on medical marijuana during the coronavirus pandemic.