[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8200 Introduced in House (IH)]
<DOC>
117th CONGRESS
2d Session
H. R. 8200
To amend any applicable Federal law to permit access to community
development, small business, minority development, and any other public
or private financial capital sources for investment in and financing of
cannabis-related legitimate businesses, and to amend the Securities
Exchange Act of 1934 to create a safe harbor for national securities
exchanges to list the securities of issuers that are cannabis-related
legitimate businesses.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 23, 2022
Mr. Carter of Louisiana (for himself and Mr. Reschenthaler) introduced
the following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To amend any applicable Federal law to permit access to community
development, small business, minority development, and any other public
or private financial capital sources for investment in and financing of
cannabis-related legitimate businesses, and to amend the Securities
Exchange Act of 1934 to create a safe harbor for national securities
exchanges to list the securities of issuers that are cannabis-related
legitimate businesses.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Capital Lending and Investment for
Marijuana Businesses Act'' or the ``CLIMB Act''.
SEC. 2. PERMITTING ACCESS TO COMMUNITY DEVELOPMENT, SMALL BUSINESS,
MINORITY DEVELOPMENT, AND FINANCIAL INSTITUTION CAPITAL
FOR INVESTMENT IN AND FINANCING OF CANNABIS-RELATED
LEGITIMATE BUSINESSES AND THEIR SERVICE PROVIDERS.
(a) Proscription Against Federal Agency Action.--No agency of the
Federal Government shall--
(1) initiate or otherwise support bringing civil, criminal,
regulatory or administrative actions that would disqualify any
business person or governmental authority from holding or
obtaining any charter, license, registration, or official
status, from maintaining, applying for or receiving funding,
appropriations, grants, contracts, or other forms of monetary
or non-monetary assistance from a governmental authority, or
from marketing, offering, or selling any security, banking, or
insurance or other financial services product, because such
business or person--
(A) provides business assistance to a cannabis-
related legitimate business or service provider; or
(B) receives cash or other compensation for
providing business assistance to a cannabis-related
legitimate business or service provider which cash or
other compensation is generated from or is proceeds of
the business operations of a cannabis-related
legitimate business or service provider.
(b) Definitions.--
(1) Business assistance.--The term ``business assistance''
means--
(A) provision of financial services including but
not by way of limitation, commercial banking, deposit-
taking, trust services, capital raising, lending,
brokerage, prime brokerage, securities finance
services, investment banking, custody services, credit
card services, money transfer services, securities
underwriting and investment advisory services;
(B) sale of insurance or surety products;
(C) providing debt or equity capital and the
receipt of dividends, interest, or distributions of
that capital;
(D) provision or accounting services;
(E) sale, leasing, or renting of real estate;
(F) provision of equipment, parts, substances or
testing services needed to produce marijuana, hemp or
extracts therefrom and to comply with the law, rules
and regulations for testing in the applicable U.S.
State, commonwealth, Washington, DC, Indian Tribe, or
U.S. Territory;
(G) provision of advertising or marketing services;
(H) provision of management consulting services;
(I) provision of legal services or compliance
services;
(J) provision of information technology, software
and communications services;
(K) provision of packaging, transportation, or
other logistics services; and
(L) underwriting, dealing, placement or public
distribution of securities issued by a cannabis-related
legitimate business, including the listing of any such
securities on any exchange or trading venue, or any
provision of services related to the foregoing.
(2) Governmental authority.--The term ``governmental
authority'' means any Federal, State, municipal, national,
local, tribal, or other governmental department, court,
commission, board, bureau, agency, or instrumentality or
political subdivision thereof, or any entity or officer
exercising executive, legislative, or judicial, regulatory or
adminis-trative functions of or pertaining to any government or
any court, in each case, whether of the United States or a
State, territory or possession thereof, a foreign sovereign
entity or country or jurisdiction or the District of Columbia.
(3) Person.--The term ``person'' means an individual, a
partnership, a corporation, a limited liability company, a
business trust, a joint stock company, a trust, an
unincorporated association, a joint venture, a governmental
authority, or any other entity of whatever nature.
SEC. 3. SAFE HARBOR FOR NATIONAL SECURITIES EXCHANGES.
Section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f) is
amended by adding at the end the following:
``(m) Safe Harbor for Cannabis-Related Legitimate Businesses and
Service Providers.--
``(1) Definitions.--In this subsection--
``(A) Cannabis.--The term `cannabis' has the
meaning given the term `marihuana' in section 102 of
the Controlled Substances Act (21 U.S.C. 802).
``(B) Cannabis product.--The term `cannabis
product' means any article that contains cannabis,
including an article that is a concentrate, an edible,
a tincture, a cannabis-infused product, or a topical.
``(C) Cannabis-related legitimate business.--The
term `cannabis-related legitimate business' means an
issuer that--
``(i) initiates, engages, or participates
in any business or organized activity that
involves cannabis or cannabis products,
including cultivating, warehousing, producing,
manufacturing, processing, selling,
transporting, displaying, dispensing,
distributing, or purchasing cannabis or
cannabis products; and
``(ii) engages in the activity described in
clause (i) pursuant to a law established by a
State or a political subdivision of a State, as
determined by that State or political
subdivision.
``(D) Market participant.--The term `market
participant' means any broker dealer, underwriter,
clearing agency or clearinghouse, securities
depository, credit rating agency, alternative trading
system, investment adviser, self-regulatory
organization, or transfer agent.
``(E) Service provider.--The term `service
provider' means--
``(i) an issuer that--
``(I) sells or otherwise provides
goods or services to a cannabis-related
legitimate business; or
``(II) provides any business
service relating to cannabis or
cannabis product, including without
limitation--
``(aa) legal, compliance,
or accounting services;
``(bb) sale, leasing, or
renting of real estate or
equipment;
``(cc) provision of parts,
substances, or testing services
needed to produce marijuana,
hemp, or extracts therefrom and
to comply with the law, rules,
and regulations for testing in
the applicable U.S. State,
commonwealth, Washington, DC,
Indian Tribe, or U.S.
Territory;
``(dd) advertising or
marketing services;
``(ee) management
consulting services;
``(ff) information
technology, software, and
communications services; and
``(gg) packaging,
transportation, or other
logistics services; and
``(ii) is not a cannabis-related legitimate
business.
``(F) State.--The term `State' means each of the
several States, the District of Columbia, the
Commonwealth of Puerto Rico, and each of the
territories and possessions of the United States.
``(2) Safe harbor.--Notwithstanding section 32 of this Act,
the Controlled Substances Act (21 U.S.C. 801 et seq.), or any
other Federal law, it shall not be unlawful for a national
securities exchange registered pursuant to subsection (a) or
any market participant to have listed, list, or intend to list,
or permits the trading, or facilitates the offering, listing,
or trading on a national securities exchange, of the securities
of a cannabis-related legitimate business or a service
provider.''.
SEC. 4. EFFECTIVE DATE.
This Act and the amendment made in section 2 shall take effect 180
days after the date of enactment of this Act.
<all>