United States 117th Congress Status: Died Bipartisan · 3 D · 2 R cosponsors

HR 8200 — CLIMB Act

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

In plain language

The bill allows state-licensed cannabis businesses to be listed on national stock exchanges.

This bill permits national stock exchanges to list securities of state-licensed cannabis businesses and protects those providing assistance to these businesses from federal action. It aims to improve access to financial resources for cannabis-related legitimate businesses.

What this means for you
  • Small Business: This means small cannabis businesses can gain access to stock markets and financial resources.

Summary

Capital Lending and Investment for Marijuana Businesses Act or the CLIMB Act 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.

Bill Text

Sections of law this bill changes

1 section in 1 law

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Securities exchanges · 15 U.S.C. ch. 2B 1 section
  • § 78f National securities exchanges Amends

    15 U.S.C. § 78f

    The law today

    (a) Registration; application An exchange may be registered as a national securities exchange under the terms and conditions hereinafter provided in this section and in accordance with the provisions of section 78s(a) of this title, by filing with the Commission an application for registration in such form as the Commission, by rule, may prescribe containing the rules of the exchange and such other information and documents as the Commission, by rule, may prescribe as necessary or appropriate in the public interest or for the protection of investors. (b) Determination by Commission requisite to registration of applicant as a national securities exchange An exchange shall not be registered as a national securities exchange unless the Commission determines that— (1) Such exchange is so organized and has the capacity to be able to carry out the purposes of this chapter and to comply, and (subject to any rule or order of the Commission pursuant to section 78q(d) or 78s(g)(2) of this title) to enforce compliance by its members and persons associated with its members, with the provisions of this chapter, the rules and regulations thereunder, and the rules of the exchange. (2) Subject to the provisions of subsection (c) of this section, the rules of the exchange provide that any registered broker or dealer or natural person associated with a registered broker or dealer may become a member of such exchange and any person may become associated with a member thereof. (3) The rules of the exchange assure a fair representation of its members in the selection of its directors and administration of its affairs and provide that one or more directors shall be representative of issuers and investors and not be associated with a member of the exchange, broker, or dealer. (4) The rules of the exchange provide for the equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. (5) The rules of the exchange are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers, or to regulate by virtue of any authority conferred by this chapter matters not related to the purposes of this chapter or the administration of the exchange. (6) The rules of the exchange provide that (subject to any rule or order of the Commission pursuant to section 78q(d) or 78s(g)(2) of this title) its members and persons associated with its members shall be appropriately disciplined for violation of the provisions of this chapter, the rules or regulations thereunder, or the rules of the exchange, by expulsion, suspension, limitation of activities, functions, and operations, fine, censure, being suspended or barred from being associated with a member, or any other fitting sanction. (7) The rules of the exchange are in accordance with the provisions of subsection (d) of this section, and in general, provide a fair procedure for the disciplining of members and persons associated with members, the denial of membership to any person seeking membership therein, the barring of any person from becoming associated with a member thereof, and the prohibition or limitation by the exchange of any person with respect to access to services offered by the exchange or a member thereof. (8) The rules of the exchange do not impose any burden on competition not necessary or appropriate in furtherance of the purposes of this chapter. (9) (A) The rules of the exchange prohibit the listing of any security issued in a lim...

    34 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Also cites: 21 U.S.C. § 802

How this bill changes current law

1 change Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill creates a safe harbor for national securities exchanges to list securities of cannabis-related legitimate businesses and prohibits federal action that would disqualify entities involved in cannabis-related business activities.

  • 15 U.S.C. 78f

    (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 cannabis product, including without limitation-- (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 marijuana, hemp, or extracts therefrom and to comply with the law, rules, and regulations for testing in the applicable U.S. State, commonwealth, Washington, DC, Indian Tribe, or U.S. Territory; (dd) advertising or marketing services; (ee) management consulting services; (ff) information technology, software, and 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, the Commonwealth of Puerto Rico, and each of the territories and possessions of the United States. (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 have listed, list, or intend to list, or permits the trading, or facilitates the offering, listing, or trading on a national securities exchange, of the securities of a cannabis-related legitimate business or a service provider.

    This addition creates a safe harbor for exchanges to list securities associated with cannabis businesses.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 4 co-sponsors · 542 not signed on

Sponsors (1)

Co-sponsors (4)

Not signed on (542)

542 members have not signed on to this bill.

Show all 542 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 8200 do?
Capital Lending and Investment for Marijuana Businesses Act or the CLIMB Act 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.
Who sponsors HR 8200?
HR 8200 is sponsored by Carter, Troy A. (Democratic), Reschenthaler, Guy (Republican), Joyce, David P. (Republican), Evans, Dwight (Democratic), and Ryan, Patrick (Democratic).
What is the current status of HR 8200?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 8200?
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