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June 8, 2024 - Washington, D.C. — U.S. Senators Ron Wyden and Jeff Merkley on Thursday joined Senate colleagues in calling on the Senate Appropriations Committee to allow small cannabis businesses in Oregon and other states that have legalized cannabis sale and use to access Small Business Administration (SBA) loans.
“SBA’s current policy excludes from its loan and entrepreneurial development programs all small businesses with “direct” or “indirect” products or services that aid the use, growth, enhancement, or other development of cannabis,” the senators wrote. “Consequently, small businesses in states with some form of legal cannabis must choose between remaining eligible for SBA financing and support and participating in or doing business with a rapidly-growing and legal industry.”
The letter was sent to the Senate Committee on Appropriations Subcommittee on Financial Services and General Government chairman U.S. Senator Chris Van Hollen (D-Md.) and ranking member U.S. Senator Bill Hagerty (R-Tn.).
“SBA loan programs would be especially helpful to cannabis small businesses because they would fill gaps left by the private sector and could expand the availability of capital for many entrepreneurs– including for our minority, women, and veteran business owners,” the senators continued. “Access to SBA loan and entrepreneurship programs would support a rapidly growing industry that creates jobs, supports small businesses, and raises revenues in states that have chosen to legalize cannabis.”
Wyden and Merkley have both been advocates for small cannabis businesses. Wyden and Merkley recently reintroduced the Cannabis Administration and Opportunity Act in May to decriminalize cannabis nationally. Wyden is also a co-sponsor of the SAFER Banking Act, Senator Merkley’s bill which would help legal small cannabis businesses access banking services.
The letter was led by U.S Senators Jacky Rosen (D-Nev.). In addition to Wyden and Merkley, the letter was signed by U.S. Senators Tammy Duckworth (D-Ill.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Ed Markey (D-Mass.), Alex Padilla (D-Calif.), Cory Booker (D-N.J.), and Michael Bennet (D-Colo.)
The full text of the letter is here.
Source: Senator Ron Wyden
