(1) CANNABIS.—The term ‘‘cannabis’’ has the 
meaning given the term ‘‘marihuana’’ in section 102 
of the Controlled Substances Act (21 U.S.C. 802). 
(2) CANNABIS PRODUCT.—The term ‘‘cannabis 
product’’ means any article which contains cannabis, 
including an article which is a concentrate, an edi-
ble, a tincture, a cannabis-infused product, or a top-
ical. 
(3) CANNABIS-RELATED
LEGITIMATE
BUSI-
NESS.—The term ‘‘cannabis-related legitimate busi-
ness’’ means a manufacturer, producer, or any per-
son or company that— 
(A) engages in any activity described in 
subparagraph (B) pursuant to a law established 
by a State or a political subdivision of a State, 
as determined by such State or political subdivi-
sion; and 
(B) participates in any business or orga-
nized activity that involves handling cannabis or 
cannabis products, including cultivating, pro-
ducing, manufacturing, selling, transporting, 
displaying, dispensing, distributing, or pur-
chasing cannabis or cannabis products. 
(4) FEDERAL
AGENCY.—The term ‘‘Federal 
agency’’— 
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(A) has the meaning given the term ‘‘Exec-
utive agency’’ in section 105 of title 5, United 
States Code; and 
(B) includes a private attorney described 
in section 3002(1)(B) of title 28, United States 
Code. 
(5) FINANCIAL SERVICE.—The term ‘‘financial 
service’’— 
(A) means a financial product or service, 
as defined in section 1002 of the Dodd-Frank 
Wall Street Reform and Consumer Protection 
Act (12 U.S.C. 5481); and 
(B) includes— 
(i) the business of insurance; 
(ii) whether performed directly or in-
directly, the authorizing, processing, clear-
ing, settling, billing, transferring for de-
posit, transmitting, delivering, instructing 
to be delivered, reconciling, collecting, or 
otherwise effectuating or facilitating of 
payments or funds, where such payments 
or funds are made or transferred by any 
means, including by the use of credit 
cards, debit cards, other payment cards, or 
other access devices, accounts, original or 
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substitute checks, or electronic funds 
transfers; 
(iii) acting as a money transmitting 
business which directly or indirectly makes 
use of a depository institution in connec-
tion with effectuating or facilitating a pay-
ment for a cannabis-related legitimate 
business or service provider in compliance 
with section 5330 of title 31, United 
States Code, and any applicable State law; 
and 
(iv) acting as an armored car service 
for processing and depositing with a depos-
itory institution or a Federal reserve bank 
with respect to any monetary instruments 
(as defined under section 1956(c)(5) of 
title 18, United States Code. 
(6) INDIAN COUNTRY.—The term ‘‘Indian coun-
try’’ has the meaning given the term in section 1151 
of title 18, United States Code. 
(7) INDIAN TRIBE.—The term ‘‘Indian Tribe’’ 
has the meaning given the term in section 102 of the 
Federally Recognized Indian Tribe List Act of 1994 
(25 U.S.C. 479a). 
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(8) INSURER.—The term ‘‘insurer’’ has the 
meaning given the term in section 313(r) of title 31, 
United States Code. 
(9) MANUFACTURER.—The term ‘‘manufac-
turer’’ means a person or company who manufac-
tures, compounds, converts, processes, prepares, or 
packages cannabis or cannabis products. 
(10) PRODUCER.—The term ‘‘producer’’ means 
a person who plants, cultivates, harvests, or in any 
way facilitates the natural growth of cannabis. 
(11) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, the 
Commonwealth of Puerto Rico, and any territory or 
possession of the United States. 
(b) INSURERS.—A Federal agency may not— 
(1) prohibit, penalize, or otherwise discourage 
an insurer from engaging in the business of insur-
ance in connection with— 
(A) a cannabis-related legitimate business; 
or 
(B) a State, political subdivision of a 
State, or Indian Tribe that exercises jurisdic-
tion over cannabis-related legitimate businesses; 
(2) terminate, cancel or otherwise limit the poli-
cies of an insurer solely because the insurer has en-
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gaged in the business of insurance in connection 
with a cannabis-related legitimate business; 
(3) recommend, incentivize, or encourage an in-
surer not to engage in the business of insurance in 
connection with a policyholder, or downgrade or can-
cel the insurance and insurance services offered to a 
policyholder solely because— 
(A) the policyholder is— 
(i) a manufacturer or producer, or 
(ii) the owner, operator, or employee 
of a cannabis-related legitimate business; 
(B) the policyholder later becomes an em-
ployee, owner, or operator of a cannabis-related 
legitimate business; or 
(C) the insurer was not aware that the pol-
icyholder is an employee, owner, or operator of 
a cannabis-related legitimate business; or 
(4) take any adverse or corrective supervisory 
action on a policy to— 
(A) a cannabis-related legitimate business, 
solely because the owner or operator owns or 
operates a cannabis-related legitimate business; 
(B) an employee, owner, or operator of a 
cannabis-related legitimate business or service 
provider, solely because the employee, owner, or 
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operator is employed by, owns, or operates a 
cannabis-related legitimate business, as applica-
ble; or 
(C) an owner or operator of real estate or 
equipment that is leased to a cannabis-related 
legitimate business, solely because the owner or 
operator of the real estate or equipment leased 
the equipment or real estate to a cannabis-re-
lated legitimate business, as applicable. 
(c) PROTECTIONS UNDER FEDERAL LAW.—With re-
spect to engaging in the business of insurance within a 
State, political subdivision of a State, or Indian country 
that allows the cultivation, production, manufacture, sale, 
transportation, display, dispensing, distribution, or pur-
chase of cannabis pursuant to a law or regulation of such 
State, political subdivision, or Indian Tribe that has juris-
diction over the Indian country, as applicable, an insurer 
that engages in the business of insurance with a cannabis- 
related legitimate business or service provider or who oth-
erwise engages with a person in a transaction permissible 
under State law related to cannabis, and the officers, di-
rectors, and employees of that insurer may not be held 
liable pursuant to any Federal law or regulation— 
(1) solely for engaging in the business of insur-
ance; or 
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(2) for further investing any income derived 
from such business of insurance. 
(d) RULE OF CONSTRUCTION.—Nothing in this Act 
shall— 
(1) require an insurer to engage in the business 
of insurance in connection with a cannabis-related 
legitimate business; or 
(2) interfere with the regulation of the business 
of insurance in accordance with the Act of March 9, 
1945 (59 Stat. 33, chapter 20; 15 U.S.C. 1011 et 
seq.) (commonly known as the ‘‘McCarran-Ferguson 
Act’’) and the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (12 U.S.C. 5301 et seq.). 
SEC. 3. GAO STUDY ON DIVERSITY AND INCLUSION. 
(a) STUDY.—The Comptroller General of the United 
States shall carry out a study on the barriers to market-
place entry, including in the licensing process, and the ac-
cess to financial services for potential and existing minor-
ity-owned and women-owned cannabis-related legitimate 
businesses. 
(b) REPORT.—The Comptroller General shall issue a 
report to the Congress— 
(1) containing all findings and determinations 
made in carrying out the study required under sub-
section (a); and 
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(2) containing any regulatory or legislative rec-
ommendations for removing barriers to marketplace 
entry, including in the licensing process, and ex-
panding access to financial services for potential and 
existing minority-owned and women-owned cannabis- 
related legitimate businesses. 
Æ 
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