I 
117TH CONGRESS 
2D SESSION 
H. R. 8200 
To amend any applicable Federal law to permit access to community develop-
ment, small business, minority development, and any other public or 
private financial capital sources for investment in and financing of can-
nabis-related legitimate businesses, and to amend the Securities Ex-
change Act of 1934 to create a safe harbor for national securities 
exchanges to list the securities of issuers that are cannabis-related legiti-
mate 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 devel-
opment, and any other public or private financial capital 
sources for investment in and financing of cannabis- 
related legitimate businesses, and to amend the Securi-
ties 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 Representa-
tives of the United States of America in Congress assembled, 
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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 DEVELOP-
MENT, SMALL BUSINESS, MINORITY DEVEL-
OPMENT, AND FINANCIAL INSTITUTION CAP-
ITAL FOR INVESTMENT IN AND FINANCING 
OF CANNABIS-RELATED LEGITIMATE BUSI-
NESSES AND THEIR SERVICE PROVIDERS. 
(a) PROSCRIPTION AGAINST FEDERAL AGENCY AC-
TION.—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 govern-
mental authority from holding or obtaining any 
charter, license, registration, or official status, from 
maintaining, applying for or receiving funding, ap-
propriations, grants, contracts, or other forms of 
monetary or non-monetary assistance from a govern-
mental authority, or from marketing, offering, or 
selling any security, banking, or insurance or other 
financial services product, because such business or 
person— 
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(A) provides business assistance to a can-
nabis-related legitimate business or service pro-
vider; 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 ‘‘busi-
ness assistance’’ means— 
(A) provision of financial services including 
but not by way of limitation, commercial bank-
ing, deposit-taking, trust services, capital rais-
ing, lending, brokerage, prime brokerage, secu-
rities finance services, investment banking, cus-
tody services, credit card services, money trans-
fer services, securities underwriting and invest-
ment advisory services; 
(B) sale of insurance or surety products; 
(C) providing debt or equity capital and 
the receipt of dividends, interest, or distribu-
tions of that capital; 
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(D) provision or accounting services; 
(E) sale, leasing, or renting of real estate; 
(F) provision of equipment, parts, sub-
stances 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, common-
wealth, 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 can-
nabis-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. 
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(2) GOVERNMENTAL
AUTHORITY.—The term 
‘‘governmental authority’’ means any Federal, State, 
municipal, national, local, tribal, or other govern-
mental department, court, commission, board, bu-
reau, agency, or instrumentality or political subdivi-
sion thereof, or any entity or officer exercising exec-
utive, 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 in-
dividual, a partnership, a corporation, a limited li-
ability company, a business trust, a joint stock com-
pany, a trust, an unincorporated association, a joint 
venture, a governmental authority, or any other enti-
ty of whatever nature. 
SEC. 3. SAFE HARBOR FOR NATIONAL SECURITIES EX-
CHANGES. 
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 LE-
GITIMATE BUSINESSES AND SERVICE PROVIDERS.— 
‘‘(1) DEFINITIONS.—In this subsection— 
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‘‘(A) CANNABIS.—The term ‘cannabis’ has 
the meaning given the term ‘marihuana’ in sec-
tion 102 of the Controlled Substances Act (21 
U.S.C. 802). 
‘‘(B) 
CANNABIS
PRODUCT.—The 
term 
‘cannabis product’ means any article that con-
tains cannabis, including an article that is a 
concentrate, an edible, a tincture, a cannabis-in-
fused product, or a topical. 
‘‘(C) 
CANNABIS-RELATED
LEGITIMATE 
BUSINESS.—The term ‘cannabis-related legiti-
mate business’ means an issuer that— 
‘‘(i) initiates, engages, or participates 
in any business or organized activity that 
involves cannabis or cannabis products, in-
cluding 
cultivating, 
warehousing, 
pro-
ducing, manufacturing, processing, selling, 
transporting, displaying, dispensing, dis-
tributing, or purchasing cannabis or can-
nabis 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 polit-
ical subdivision. 
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‘‘(D) MARKET
PARTICIPANT.—The term 
‘market participant’ means any broker dealer, 
underwriter, clearing agency or clearinghouse, 
securities depository, credit rating agency, al-
ternative trading system, investment adviser, 
self-regulatory organization, or transfer agent. 
‘‘(E) SERVICE PROVIDER.—The term ‘serv-
ice 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 serv-
ice relating to cannabis or cannabis 
product, including without limita-
tion— 
‘‘(aa) legal, compliance, or 
accounting services; 
‘‘(bb) sale, leasing, or rent-
ing of real estate or equipment; 
‘‘(cc) provision of parts, sub-
stances, or testing services need-
ed to produce marijuana, hemp, 
or extracts therefrom and to 
comply with the law, rules, and 
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regulations for testing in the ap-
plicable U.S. State, common-
wealth, Washington, DC, Indian 
Tribe, or U.S. Territory; 
‘‘(dd) advertising or mar-
keting services; 
‘‘(ee) 
management 
con-
sulting services; 
‘‘(ff) information technology, 
software, 
and 
communications 
services; and 
‘‘(gg) packaging, transpor-
tation, or other logistics services; 
and 
‘‘(ii) is not a cannabis-related legiti-
mate business. 
‘‘(F) STATE.—The term ‘State’ means 
each of the several States, the District of Co-
lumbia, 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 ex-
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change registered pursuant to subsection (a) or any 
market participant to have listed, list, or intend to 
list, or permits the trading, or facilitates the offer-
ing, listing, or trading on a national securities ex-
change, of the securities of a cannabis-related legiti-
mate 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. 
Æ 
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