New bill calls for cannabis companies to be eligible for federal covid

Bespoke financial is a licensed lender supporting cannabis companies. 3 the term cannabis-related legitimate business” is defined as a manufacturer, producer, or any person or company that is a small business concern and that—(I) engages in any activity described in subclause (ii) pursuant to a law established by a state or a political subdivision of a state, as determined by such state or political subdivision; an (ii) participates in any business or organized activity that involves handling cannabis or cannabis products, including cultivating, producing, manufacturing, selling, transporting, displaying, dispensing, distributing, or purchasing cannabis or cannabis products.

Several industry trade groups, including the national cannabis industry association, national cannabis roundtable, minority cannabis business association, and the cannabis trade federation, issued a letter to congressional leaders seeking to limit restrictions and allow cannabis businesses to obtain the same relief available to other legitimate industries.

A borrower with a federally-backed mortgage loan may request forbearance, regardless of delinquency status and without penalties, fees, or interest, by submitting a request to its servicer and affirming financial cannabis business lenders due to covid-19, at which point, a forbearance must be granted for up to 180 days and extended for an additional period of up to 180 days at the borrower's request, though the initial or extended forbearance may be shortened.

Sources of business funding are sparse for the marijuana industry but according to cashnibis , several colorado marijuana businesses have received millions in working capital loans, real estate loans and equipment financing these companies were able to prove good cash flow, had a strong financial history, and were seeking at least $250,000.

4 the term service provider” is defined as follows: (I) means a business, organization, or other person that— (aa) sells goods or services to a cannabis-related legitimate business; or (bb) provides any business services, including the sale or lease of real or any other property, legal or other licensed services, or any other ancillary service, relating to cannabis; and (ii) does not include a business, organization, or other person that participates in any business or organized activity that involves handling cannabis or cannabis products, including cultivating, producing, manufacturing, selling, transporting, displaying, dispensing, distributing, or purchasing cannabis or cannabis products.