H.R. 7987

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7987 Introduced in House (IH)]

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119th CONGRESS
2d Session
H. R. 7987

To prohibit Federal agencies from taking any adverse action against a 
person solely because the person provides business assistance to a 
cannabis-related legitimate business, to amend the Securities Exchange 
Act of 1934 to create a safe harbor for national securities exchanges 
to list the securities of issuers that are cannabis-related legitimate 
businesses, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 18, 2026

Mr. Reschenthaler (for himself and Mr. Carter of Louisiana) introduced 
the following bill; which was referred to the Committee on Financial 
Services

_______________________________________________________________________

A BILL

To prohibit Federal agencies from taking any adverse action against a 
person solely because the person provides business assistance to a 
cannabis-related legitimate business, to amend the Securities Exchange 
Act of 1934 to create a safe harbor for national securities exchanges 
to list the securities of issuers that are cannabis-related legitimate 
businesses, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Capital Lending and Investment for 
Marijuana Businesses Act'' or the ``CLIMB Act''.

SEC. 2. PROHIBITION ON FEDERAL AGENCIES TAKING CERTAIN ACTIONS AGAINST 
PERSONS WHO PROVIDE BUSINESS ASSISTANCE TO CANNABIS-
RELATED LEGITIMATE BUSINESSES.

(a) In General.--A Federal agency may not take any adverse action 
against a person solely because the person provides business assistance 
to a cannabis-related legitimate business or service provider.
(b) Definitions.--In this section:
(1) Business assistance.--The term ``business assistance'' 
means--
(A) providing a financial product or service;
(B) selling insurance or surety products;
(C) providing debt or equity capital or receiving 
dividends, interest, or distributions of that capital;
(D) providing accounting services;
(E) the sale, lease, or rental of real estate;
(F) providing equipment, parts, substances, or 
testing services needed to produce cannabis in 
compliance with the laws and regulations in the 
applicable State;
(G) providing advertising or marketing services;
(H) providing management consulting services;
(I) providing legal services or compliance 
services;
(J) providing information technology, software, or 
communications services;
(K) provision of packaging, transportation, or 
other logistics services; and
(L) underwriting, dealing, placement or public 
distribution of securities issued by a cannabis-related 
legitimate business, including the listing of any such 
securities on any exchange or trading venue, or any 
provision of services related to the foregoing.
(2) Cannabis.--The term ``cannabis'' has the meaning given 
that term in section 6(m)(1) of the Securities Exchange Act of 
1934.
(3) Cannabis-related legitimate business.--The term 
``cannabis-related legitimate business'' has the meaning given 
that term in section 6(m)(1) of the Securities Exchange Act of 
1934.
(4) Financial product or service.--The term ``financial 
product or service'' has the meaning given that term in section 
1002 of the Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481).
(5) Person.--The term ``person'' means an individual, a 
partnership, a corporation, a limited liability company, a 
business trust, a joint stock company, a trust, an 
unincorporated association, a joint venture, or any other 
entity.
(6) Service provider.--The term ``service provider'' has 
the meaning given that term in section 6(m)(1) of the 
Securities Exchange Act of 1934.
(7) State.--The term ``State'' means each of the several 
States, the District of Columbia, each of the territories of 
the United States, and each Indian Tribe.

SEC. 3. SAFE HARBOR FOR NATIONAL SECURITIES EXCHANGES.

Section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f) is 
amended by adding at the end the following:
``(m) Safe Harbor for Cannabis-Related Legitimate Businesses and 
Service Providers.--
``(1) Definitions.--In this subsection:
``(A) Cannabis.--The term `cannabis' has the 
meaning given the term `marihuana' in section 102 of 
the Controlled Substances Act (21 U.S.C. 802).
``(B) Cannabis product.--The term `cannabis 
product' means any article that contains cannabis, 
including an article that is a concentrate, an edible, 
a tincture, a cannabis-infused product, or a topical.
``(C) Cannabis-related legitimate business.--The 
term `cannabis-related legitimate business' means an 
issuer that--
``(i) initiates, engages, or participates 
in any business or organized activity that 
involves cannabis or cannabis products, 
including cultivating, warehousing, producing, 
manufacturing, processing, selling, 
transporting, displaying, dispensing, 
distributing, or purchasing cannabis or 
cannabis products; and
``(ii) engages in the activity described in 
clause (i) pursuant to a law established by a 
State or a political subdivision of a State, as 
determined by that State or political 
subdivision.
``(D) Market participant.--The term `market 
participant' means any broker, dealer, underwriter, 
clearing agency or clearinghouse, securities 
depository, credit rating agency, alternative trading 
system, investment adviser, self-regulatory 
organization, or transfer agent.
``(E) Service provider.--The term `service 
provider' means--
``(i) an issuer that--
``(I) sells or otherwise provides 
goods or services to a cannabis-related 
legitimate business; or
``(II) provides any business 
service relating to cannabis or a 
cannabis product, including--
``(aa) legal, compliance, 
or accounting services;
``(bb) sale, leasing, or 
renting of real estate or 
equipment;
``(cc) provision of parts, 
substances, or testing services 
needed to produce cannabis in 
compliance with the laws and 
regulations in the applicable 
State;
``(dd) advertising or 
marketing services;
``(ee) management 
consulting services;
``(ff) information 
technology, software, or 
communications services; and
``(gg) packaging, 
transportation, or other 
logistics services; and
``(ii) is not a cannabis-related legitimate 
business.
``(F) State.--The term `State' means each of the 
several States, the District of Columbia, each of the 
territories of the United States, and each Indian 
Tribe.
``(2) Safe harbor.--Notwithstanding section 32 of this Act, 
the Controlled Substances Act (21 U.S.C. 801 et seq.), or any 
other Federal law, it shall not be unlawful for a national 
securities exchange registered pursuant to subsection (a) or 
any market participant to take the following actions in 
connection with the securities of a cannabis-related legitimate 
business or a service provider:
``(A) To have listed, list, or intend to list such 
securities.
``(B) To permit the trading of such securities on a 
national securities exchange.
``(C) To facilitate the offering, listing, or 
trading of such securities on a national securities 
exchange.''.

SEC. 4. EFFECTIVE DATE.

This Act and the amendment made by this Act shall take effect 180 
days after the date of enactment of this Act.
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