[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7987 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 7987
To prohibit Federal agencies from taking any adverse action against a
person solely because the person provides business assistance to a
cannabis-related legitimate business, 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, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 18, 2026
Mr. Reschenthaler (for himself and Mr. Carter of Louisiana) introduced
the following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To prohibit Federal agencies from taking any adverse action against a
person solely because the person provides business assistance to a
cannabis-related legitimate business, 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, and for other purposes.
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. PROHIBITION ON FEDERAL AGENCIES TAKING CERTAIN ACTIONS AGAINST
PERSONS WHO PROVIDE BUSINESS ASSISTANCE TO CANNABIS-
RELATED LEGITIMATE BUSINESSES.
(a) In General.--A Federal agency may not take any adverse action
against a person solely because the person provides business assistance
to a cannabis-related legitimate business or service provider.
(b) Definitions.--In this section:
(1) Business assistance.--The term ``business assistance''
means--
(A) providing a financial product or service;
(B) selling insurance or surety products;
(C) providing debt or equity capital or receiving
dividends, interest, or distributions of that capital;
(D) providing accounting services;
(E) the sale, lease, or rental of real estate;
(F) providing equipment, parts, substances, or
testing services needed to produce cannabis in
compliance with the laws and regulations in the
applicable State;
(G) providing advertising or marketing services;
(H) providing management consulting services;
(I) providing legal services or compliance
services;
(J) providing information technology, software, or
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) Cannabis.--The term ``cannabis'' has the meaning given
that term in section 6(m)(1) of the Securities Exchange Act of
1934.
(3) Cannabis-related legitimate business.--The term
``cannabis-related legitimate business'' has the meaning given
that term in section 6(m)(1) of the Securities Exchange Act of
1934.
(4) Financial product or service.--The term ``financial
product or service'' has the meaning given that term in section
1002 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5481).
(5) 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, or any other
entity.
(6) Service provider.--The term ``service provider'' has
the meaning given that term in section 6(m)(1) of the
Securities Exchange Act of 1934.
(7) State.--The term ``State'' means each of the several
States, the District of Columbia, each of the territories of
the United States, and each Indian Tribe.
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 a
cannabis product, including--
``(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 cannabis in
compliance with the laws and
regulations in the applicable
State;
``(dd) advertising or
marketing services;
``(ee) management
consulting services;
``(ff) information
technology, software, or
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, each of the
territories of the United States, and each Indian
Tribe.
``(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 take the following actions in
connection with the securities of a cannabis-related legitimate
business or a service provider:
``(A) To have listed, list, or intend to list such
securities.
``(B) To permit the trading of such securities on a
national securities exchange.
``(C) To facilitate the offering, listing, or
trading of such securities on a national securities
exchange.''.
SEC. 4. EFFECTIVE DATE.
This Act and the amendment made by this Act shall take effect 180
days after the date of enactment of this Act.
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