Marijuana News Today: US Feds Refuse Loans, Marijuana Stocks Still Surging – Profit Confidential Le Moal Marijuana News Today

The marijuana news today has a couple of contradictory elements. On the one hand, President Donald Trump and his administration have instituted new rules for how the U.S. Small Business Administration (SBA) hands out loans that could have a profound effect on the marijuana industry and pot stocks. On the other hand, May has so far been a strong month for several of the bigger marijuana companies.

For the first bit of marijuana news today, however, let’s take a look at the new changes to the SBA loans and what that will mean for the marijuana market.

SBA Loans Rule Change Could Hurt Pot Stocks

Last month, a good chunk of the marijuana news centered around Trump’s statement in support of states’ rights and legalized marijuana.

“Since the campaign, President Trump has consistently supported states’ rights to decide for themselves how best to approach marijuana,” said Senator Cory Gardner (R-CO) in a statement. (Source: “Gardner Protects Colorado’s Legal Marijuana Industry,” Cory Gardner United States Senator for Colorado, April 13, 2018.)

“I received a commitment from the President that the Department of Justice’s rescission of the Cole memo will not impact Colorado’s legal marijuana industry,” added Gardner.

“Furthermore, President Trump has assured me that he will support a federalism-based legislative solution to fix this states’ rights issue once and for all.”

While many—myself included—believed that this would represent an overall tonal shift in how the current White House administration dealt with pot, the follow-up by the feds has been far less supportive.

In April, the government quietly changed its SBA lending rules so that now banks are prohibited from using SBA-backed loans to finance any business that has a direct or indirect connection to the marijuana industry.

This affects all 29 states where medical marijuana

Read More Here...

This entry was posted in Hemp, MMJ, Cannabis Stocks News. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.