Right now, economic times are tough for almost every single American and individual business in this country, large or small. Unemployment is at depression-era levels, and companies are doing whatever they can to cut costs and save employees while the COVID-19 pandemic rages on. Unless you haven’t been paying attention, the Feds took historic steps to pass the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which provides limited financial relief to individuals and businesses to try to remedy the financial havoc caused by the pandemic. Specifically, CARES Act provides $2 trillion in funding to businesses and individuals affect by COVID-19. Namely, $500 billion will be allocated to large corporations and $350 billion will be given out in the form of small business loans geared towards maintaining employment numbers and economic stability. Billions of dollars in debt relief for existing business loans are also available. While all of this sounds great (although the roll out of the program has not been the smoothest), cannabis businesses and even ancillary cannabis businesses won’t see a dime of this federal financial relief.
Where cannabis businesses remain federally illegal (because cannabis is a Schedule I controlled substance under the Controlled Substances Act),