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Easier Insurance for Legal Cannabis Businesses

This bill aims to make it easier for insurance companies to offer policies to legitimate cannabis businesses operating under state law. This means these businesses can more easily obtain insurance, potentially impacting their stability and growth. The bill also protects insurers from federal penalties for working with such companies.
Key points
Insurers can confidently offer policies to legal cannabis businesses without fear of federal penalties.
The bill prohibits federal agencies from discouraging insurers from working with legitimate cannabis businesses.
A study will be conducted on barriers for minority and women-owned cannabis businesses to improve their market entry and access to financial services.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_2984
Sponsor: Rep. Velazquez, Nydia M. [D-NY-7]
Process start date: 2023-04-27
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

CLAIM Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2984.

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 2023-04-27.

What are the main provisions?

Key points include:

  • Insurers can confidently offer policies to legal cannabis businesses without fear of federal penalties.
  • The bill prohibits federal agencies from discouraging insurers from working with legitimate cannabis businesses.
  • A study will be conducted on barriers for minority and women-owned cannabis businesses to improve their market entry and access to financial services.
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 House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

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