Marijuana businesses would be able to list on national stock exchanges such as Nasdaq and the New York Stock Exchange (NYSE) under a bipartisan congressional bill filed on Wednesday that would also more broadly shield companies from being punished for providing financial, accounting, insurance, advertising or other services to the cannabis industry.
Reps. Guy Reschenthaler (R-PA) and Troy Carter (D-LA) are again sponsoring the Capital Lending and Investment for Marijuana Businesses (CLIMB) Act—a piece of incremental cannabis reform that would resolve an issue that’s long frustrated stakeholders and comes as a federal marijuana rescheduling proposal remains pending.
The legislation is substantively the same as earlier versions of the CLIMB Act filed in the 117th Congress, with certain technical formatting changes, according to a discussion draft obtained by Marijuana Moment. The final bill text has not yet been posted.
A central function of the bill is to free up cannabis industry access to financial lending and investment opportunities, in part by providing protections for private financial institutions and government agencies that provide such services to traditional markets.
Another notable section would provide safe harbor for national securities exchanges and market participants that “have listed, list, or intend to list,” “permit the
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