Bill Overview
Title: CLIMB Act
Description: This bill allows national stock exchanges to list state-licensed cannabis-related businesses on their exchanges. It also prohibits a federal agency from bringing certain civil, criminal, regulatory, or administrative actions against a business or person because they provide assistance or services to a state-licensed cannabis-related business.
Sponsors: Rep. Carter, Troy [D-LA-2]
Target Audience
Population: people engaged in or impacting cannabis-related businesses worldwide
Estimated Size: 15400000
- Legalization and financial support for cannabis can impact state-licensed cannabis-related businesses directly by opening up new avenues for capital through stock exchanges.
- The Act impacts entrepreneurs and business owners involved in state-licensed cannabis-related enterprises by providing them with more opportunities for investment and security from federal action.
- Employees working in the cannabis industry may benefit from the increased financial stability and growth potential of their employers.
- Investors in national stock exchanges gain access to a new sector for potential investment, broadening their investment portfolios.
- The legislation indirectly impacts federal agencies by limiting their actions against service providers and businesses in the cannabis industry.
Reasoning
- The U.S. cannabis industry involves a diverse range of individuals, including entrepreneurs, employees, investors, and ancillary service providers, all of whom could be impacted differently by the CLIMB Act. By simulating interviews, we can understand these impacts.
- The budget limitations mean that the policy must target the aspects of the cannabis industry with the highest likelihood for success and significant impact. This will primarily be business development, capital flow, and employment in the sector.
- Understanding the baseline well-being of participants in the cannabis industry is critical to measure the potential improvement the policy could foster.
Simulated Interviews
Cannabis Business Owner (Denver, Colorado)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- This policy could be a game changer for us, making it easier to attract investors and stabilize our operations.
- I've struggled with financial transactions due to federal banking restrictions, so the potential for more accessible capital is exciting.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Investment Analyst (Los Angeles, California)
Age: 34 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- This bill opens a new market for investors like myself, potentially increasing job satisfaction and portfolio diversity.
- I hope this draws in more investment opportunities and lowers risk with federal legal clarity.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
Cannabis Dispensary Employee (Seattle, Washington)
Age: 29 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- I'm hoping this policy will lead to more business stability, ensuring long-term employment for people like me.
- Access to capital could translate to more hiring and career advancement opportunities.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 4 |
Banking Executive (San Francisco, California)
Age: 52 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- This policy could lead to significant growth in financial services catering to the cannabis industry.
- We are interested in offering tailored financial products to cannabis businesses if the legal environment stabilizes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Legal Advisor (Portland, Oregon)
Age: 39 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- This bill aligns well with my advocacy goals and could ease the regulatory burden for my clients.
- I believe this will lead to a more coherent legal framework for cannabis businesses.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 8 |
| Year 2 | 9 | 8 |
| Year 3 | 10 | 7 |
| Year 5 | 10 | 7 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
IT Specialist in Cannabis Industry (Chicago, Illinois)
Age: 31 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- Increased investment potential could drive innovation and tech development in the cannabis sector.
- This policy might help in getting much needed capital for tech startups like ours.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Policy Analyst (New York, New York)
Age: 48 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- I expect the policy will bolster economic activity and create platforms for addressing social equity.
- This type of legislation is a step towards normalizing the industry and integrating it into national economies.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Retail Manager in Cannabis Company (Miami, Florida)
Age: 41 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 6/20
Statement of Opinion:
- The increase in accessible investment could boost our competitive edge, helping expand our retail operations.
- I think we'll see an overall healthier market which is good for business growth.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Freelance Graphic Designer working with Cannabis Brands (Austin, Texas)
Age: 27 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 12/20
Statement of Opinion:
- If the policy attracts more businesses and investment, I'll likely find more work and stability.
- I feel my work provides important support to new and growing cannabis brands.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
Federal Agency Staff (Boston, Massachusetts)
Age: 50 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- The policy marks a shift in how we can approach regulatory frameworks and ties in with state-level changes.
- It’s crucial to ensure regulatory measures evolve with such laws to maintain oversight and legality.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Cost Estimates
Year 1: $25000000 (Low: $20000000, High: $30000000)
Year 2: $25000000 (Low: $20000000, High: $30000000)
Year 3: $25000000 (Low: $20000000, High: $30000000)
Year 5: $25000000 (Low: $20000000, High: $30000000)
Year 10: $25000000 (Low: $20000000, High: $30000000)
Year 100: $25000000 (Low: $20000000, High: $30000000)
Key Considerations
- Federal legality versus state legality of cannabis remains a key area of conflict, which could impact the effectiveness of the Act.
- Public opinion and legal precedent on cannabis could influence future amendments and regulations related to this sector.
- Potential conflicts with federal law enforcement practices and state-regulated businesses could arise despite the Act's prohibitions.
- The impact on stock exchanges and investor behavior toward newly listed cannabis stocks is uncertain.