Federal News
Congress Introduces Cannabis Financial Access Bill
March 23, 2026
Congressmen Troy A. Carter, Sr. and Guy Reschenthaler have introduced the bipartisan CLIMB Act aimed at expanding financial services access for state-legal American cannabis businesses, particularly small, minority, and veteran-owned enterprises. The legislation proposes enabling these businesses to obtain lending, investments, and government grants to foster economic growth and competitiveness against foreign cannabis companies, notably Canadian firms that currently have broader access to U.S. capital markets.
- The CLIMB Act targets federal agencies such as the Small Business Administration (SBA), Community Development Financial Institutions (CDFI), and Minority Business Development Association (MBDA) to facilitate financial support mechanisms for cannabis businesses.
- Procurement professionals should anticipate new grant and lending programs tailored to cannabis enterprises, potentially creating opportunities for financial service providers and contractors specializing in economic development and minority business support.
- This legislation signals a shift toward integrating cannabis businesses into federal financial programs, which may require updates to procurement policies and compliance frameworks to accommodate this emerging sector.
- Industry stakeholders should evaluate how expanded access to capital could influence market dynamics, supplier diversity initiatives, and contracting opportunities within the cannabis industry.
This legislation is an opportunity to bring equity and equal opportunity into our nationโs growing cannabis industry. By working directly with small, minority, and veteran-owned cannabis businesses, itโs clear that access to capital remains one of the biggest barriers to entry and to success in the industry.
— Rep. Troy A. Carter, Sr.
The CLIMB Act will help unleash the full potential of the American cannabis industry. Right now, Canadian cannabis companies can ring the bell at U.S. stock markets and access American capital markets while domestic cannabis businesses are largely locked out of even the most basic financial services. That's not a level playing field. The CLIMB Act fixes this by ensuring American cannabis businesses, workers, and investors have the same opportunities and access to financial services as foreign competitors.
— Saphira Galoob, CEO of US Cannabis Roundtable
Agencies
Community Development Financial Institutions, Small Business Administration, Minority Business Development Association, U.S. House of Representatives