Last month, the federal Small Business Administration released a new policy indicating that direct cannabis businesses, indirect cannabis business, and hemp businesses would be locked out of the federal agency’s lending services, according to Green Market Reports Debra Borchardt. Last week, Oregon Rep. Earl Blumenauer wrote to SBA Administrator Linda McMahon urging her to repeal the guidance, saying the rule “would be impossible to implement and wreak havoc across multiple sectors of the economy.”

“For example, would just one order from a cannabis business for soil preclude a locally-owned garden center from receiving federal government loan support in the future?” – Blumenauer in a letter to McMahon

Blumenauer says he has long-supported the SBA loan program but the guidance effectively prevents “businesses that derived any of their revenue from sales to ‘direct marijuana businesses’ and hemp-related businesses” from receiving SBA loans.

In Oregon, Blumenauer contends, the cannabis industry is worth $800 million and the companies and employees that contribute to that economy “pay taxes that support schools and local law enforcement, and contribute to their state and local economies.”

The guidance also prevents individuals that have received SBA-backed loans from leasing space “to any business engaged in any activity illegal under federal, state or local law (such as a marijuana dispensary).”

Of note: McMahon’s son, Shane McMahon, invested $500,000 for a stake in EnviroGrow, which builds cannabis-growing modules. That relationship led to a 2017 lawsuit, in which McMahon claims the company’s manufacturing plant was “virtually nonexistent.” Linda has never publicly commented on her son’s investment and did not address the cannabis issue while running for Senate in Connecticut.

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Tags: , , , | Categories: Cannabis Business News Cannabis Politics Industrial Hemp News

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    We are Cannabis Industry Financial Experts helping CEO's transform their business by saving tons on taxes, increasing cash flow, enhancing margins, and improving processes. We go beyond Section 280e issues; your problems are our solutions.

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  • Fast Capital Financing

    FCF understands the importance of financial stability to ensure the success of your business. That's why we offer loan options delivered by our expert business advisers so you can worry less about working capital, and more about what really matters - running your business! We work with all credit scores and offer an easy online application. You can receive a decision in as little as 24 hours! Contact us now to speak with one of our business advisers.

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    Sapphire is an organization of professionals whose careers are centered on the science of preventing crime and increasing pro-business results through the implementation of controls and processes. Our vision is to create environments that are crime adverse due to strategic planning and foresight. Sapphire will be in your corner with advice and counsel as long as your organization is continuing to grow.

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