Economic Relief for Marijuana Industry Included in $3 Trillion Coronavirus Stimulus Bill

by Roger Tower on May 22, 2020

The last few months have been incredibly difficult for every industry, but the marijuana industry was particularly hit hard due to a lack of financial support in previous economic relief programs that left out the cannabis sector. 

The new coronavirus relief package known as the Health and Economic Recovery Omnibus Emergency Solutions Act or HEROES Act responds to the Covid-19 outbreak and its economic impact on various individuals and businesses would consist of a $3 trillion stimulus plan. 

The proposed bill protects financial institutions who work with legal cannabis businesses from being penalized by the federal government and allows legal marijuana businesses to receive loans and other financial assistance. 

Lawmakers and stakeholders have been pushing to have cannabis reform in coronavirus legislation. “I just learned the SAFE Banking Act is included in the CARES 2.0 package. I have been pushing for this because the COVID-19 crisis has only exacerbated the risk posed to cannabis businesses & their employees & they need relief just like any other legitimate business,” Rep. Ed Perlmutter (D-CO) tweeted. 

Section 606 of a summary of the HEROES Act states that “the stimulus package would “allow cannabis-related legitimate businesses, that in many states have remained open during the COVID-19 pandemic as essential services, along with their service providers, to access banking services and products, as well as insurance.”