U.S. Representatives Troy Carter (D-LA) and Guy Reschenthaler (R-PA) this week introduced the bipartisan Capital Lending and Investment for Marijuana Businesses (CLIMB) Act, which aims to give state-legal cannabis companies access to lending and investment opportunities available to other industries.

Most financial institutions are currently unwilling to serve the industry, as cannabis remains a federally prohibited, Schedule I substance.

But to Act of ASCENT would establish protections for private lenders to make loans and for government agencies, such as the Small Business Administration (SBA), or the Minority Business Development Association (MBDA), to provide grants to state-licensed cannabis companies.

“This legislation is an opportunity to bring equity and equal opportunity to our nation’s growing cannabis industry,” said Rep. Carter in one press release.

“Working directly with small, minority, and veteran-owned cannabis businesses, it’s clear that access to capital remains one of the biggest barriers to entry and success in the industry. By bringing symmetry to the business ecosystem with the CLIMB Act, we can help communities that have long been harmed by the criminalization of marijuana—and that’s all leaders in American business.” – Carter, in a statement

Saphira Galoob, CEO of the US Cannabis Roundtable, said the bill would “help unleash the full potential of the American cannabis industry” and ensure that “American cannabis businesses, workers and investors have the same opportunities and access to financial services as foreign competitors.”

Meanwhile, President Donald Trump issued an executive order last December directing federal agencies to move cannabis from Schedule I to Schedule III under the Controlled Substances Act. Officials, however, have so far failed to implement the order.

Federal agencies initiated first rescheduling process in 2024 under then-President Joe Biden.

The Department of Employment and Economic Development of Minnesota (Acts) has provided $ 3.6 million in grants to businesses to enter the cannabis industry of adult state use and training workers for industry affairs.

Through Cannavigate, Cannavigate, Cansartup and Cantrain programs, 11 organizations were granted between 100,000 and $ 500,000 for various programs aimed at providing technical assistance, work training and opening or expanding a cannabis business in the state.

In a statement, the Commissioner of the works Matt Varilek said the cannabis industry for the use of state adults is “exciting” for businesses and state workers.

“We are committed to ensuring social equality in the cannabis industry, working together with our regulatory partners that ensure market integrity, and supporting the lenders focused on the Minnesota community and the development of workforce development around the state.” – Varilek in a announcement

Through the Cannavigate program, the three organizations were given grants:

• Minnesota Association of Professionals and Communities of Black Cannabis united through justice and inclusion – $ 400,000
• Minnesota Cannabis Institute – $ 234,601
• Community developers consortium in Minnesota – $ 308,935

Cannsartup also gave grants to three organizations:

• Spread Community Development Corporation – $ 500,000
• Seward Redesign, Inc. – 100,000 dollars
• Womenventure – 500,000 dollars

While Cantrain gave grants for five organizations:

• Minneapolis Community and Technical College – $ 403,530
• Minnesota training partnerships – $ 126,116
• Minnesota Cannabis College – $ 250,000
• Urban Connecting Gemini Cities – $ 320,000
• Tribal college and white land community – $ 500,000

Agency previously accorded 11 grants through its Canrerenew program which help in project funds that address a range of community needs, including economic development, public health, prevention of violence, youth development and civil legal aid.