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Federal Decriminalization of Cannabis and Access to Government Loans for Businesses.

This law removes cannabis from the federal list of controlled substances, ending its status as an illegal drug at the federal level. Crucially, it ensures that legitimate cannabis-related businesses and service providers can access essential financial assistance and loan programs offered by the Small Business Administration (SBA), including development and disaster loans, just like any other small business.
Key points
Cannabis and THC are removed from the federal Schedule I of controlled substances, achieving federal decriminalization.
Legal cannabis businesses and their service providers can no longer be denied access to Small Business Administration (SBA) loan programs, such as 7(a) loans and microloans.
This change provides easier access to capital for small businesses in the cannabis industry, potentially boosting economic growth and job creation.
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Additional Information
Print number: 117_HR_2712
Sponsor: Rep. Velazquez, Nydia M. [D-NY-7]
Process start date: 2021-04-20
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Ensuring Safe Capital Access for All Small Businesses Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2712.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-20.

What are the main provisions?

Key points include:

  • Cannabis and THC are removed from the federal Schedule I of controlled substances, achieving federal decriminalization.
  • Legal cannabis businesses and their service providers can no longer be denied access to Small Business Administration (SBA) loan programs, such as 7(a) loans and microloans.
  • This change provides easier access to capital for small businesses in the cannabis industry, potentially boosting economic growth and job creation.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Velazquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Courts and Law Economy