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Cannabis Companies Reaped Millions In Ppp Loans

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Law360 (July 7, 2020, 10:28 PM EDT) — Companies within the cannabis industry collected millions of dollars through the Small Business Administration‘s Paycheck Protection Program this year, including companies that provide ancillary services, even though the agency’s rules technically preclude businesses that derive revenue from “marijuana-related activities.”

The companies that received the loans do everything from covering cannabis news to facilitating regulatory oversight of states’ legal marijuana industries, according to data released Monday by the U.S. Department of the Treasury on all PPP loans over $150,000.

The SBA has been clear that hemp companies are eligible for the loans and that companies that deal directly with the marijuana plant are not. But the question of whether ancillary businesses that provide services and support to the pot industry can access the money remains open, even as some of those companies have received the loans.

Cannabis Companies Receiving PPP Cash Some cannabis companies got Paycheck Protection Program loans, according to U.S. Treasury Department data. Nature of business Amount Cannabis Industry Businesses Publisher of Marijuana Business Daily $1M – $2M » Akerna Corp. Cannabis compliance technology company $2M – $5M » Canna LLC Cannabis consulting as Canna Advisors $150,000 – $350,000 » The Arcview Group Investment research firm focused on cannabis industry $150,000 – $350,000 » Hemp Temps Hemp and marijuana staffing agency in Colorado $350,000 – $1M CBD Businesses » Whole Hemp Company (Folium Biosciences) CBD cosmetic products $2M – $5M » cbdMD CBD products for humans and animals $1M – $2M

Source: https://lacannabisnews.com/cannabis-companies-reaped-millions-in-ppp-loans/

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