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U.S. Reps Introduce New Cannabis Banking Bill, CLIMB

The legislation would open up more financial services for cannabis businesses.

A new cannabis banking bill was proposed last week.

U.S. Representatives Troy A. Carter, Sr. (D-LA) and Guy Reschenthaler (R-PA) introduced the “Capital Lending and Investment for Marijuana Businesses” Act.

According to Leafly, the CLIMB Act would provide cannabis businesses with access to banking services like lending, credit cards and money transfers.

The bill also seeks to amend the Securities Exchange Act of 1934 so cannabis-related businesses could be publicly traded.

CLIMB joins other cannabis banking legislation like the SAFE Banking Act.

Cannabis has been legalized in many U.S. states for either medical use, adult recreational use or both.

But it’s not federally legalized, meaning financial institutions could be subject to penalties for working with cannabis-related businesses.

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