Many states have declared cannabis companies “essential businesses” during the COVID-19 pandemic and allowed them to maintain operations, but the U.S. Congress and President Donald Trump don’t appear to see the industry as fundamental.
They have barred state-legal marijuana businesses and most ancillary cannabis companies from receiving grants or low-interest loans through the newly enacted $2 trillion federal stimulus package and related bills.
The move denies a financial lifeline to cannabis businesses up and down the supply chain at a time many are struggling financially and cutting employees.
A possible silver lining exists, though. One of the industry’s foremost tax specialists believes that many cannabis companies should qualify for payroll tax credits.