Colorado’s marijuana businesses should be eligible for federal coronavirus aid, Polis tells Congress
Colorado’s cannabis industry is allowed to remain open to provide “critical” services during the coronavirus pandemic, but because marijuana is a federally controlled substance, dispensaries and other businesses are ineligible to receive stimulus funds to help offset the economic impacts caused by COVID-19.
Gov. Jared Polis, however, is hoping to lend a helping hand. On Monday, Polis sent a letter to Rep. Jason Crow, D-Aurora, a member of the House Small Business Committee, urging the committee to reconsider allowing cannabis businesses to apply for federal aid.
“Unfortunately, a large number of small businesses in Colorado are not eligible for these loans due to their involvement in the state-legal cannabis industry, which is a major employer and tax revenue generator in our state,” Polis wrote.
The implications of this reach wider than marijuana dispensaries, cultivations and manufacturers in a legal state, Polis argued, since Small Business Administration loans for coronavirus disaster relief are not available to ancillary businesses, such as legal and consulting firms, that serve the industry either.
“As you can imagine, there are hundreds of Colorado companies that fall into the latter category, from HVAC companies and lighting equipment suppliers to law firms and accounting firms,” Polis said.
The Colorado governor joins a growing chorus of advocates and legislators asking Congress to correct what they consider an oversight in the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act or forthcoming legislation.
“In an ideal world, Congress would include a provision in an upcoming bill guaranteeing that all state-legal cannabis businesses, direct and indirect, will be eligible for these loans,” Polis said. “In the alternative, I hope that you can at least work with your colleagues to ensure that Indirect Marijuana Businesses will be eligible for the loans.”
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