How Cannabis Businesses Can Secure Financing and Find Relief from COVID-19’s Economic Fallout
The ongoing COVID-19 pandemic and its economic fallout has had a far-reaching impact, particularly for cannabis businesses that are largely unable to access federal relief programs due to the continued federal prohibition of cannabis.
Jessica Shraybman, founder and managing partner of Florida-based Shraybman Law, initially advised her clients that federal aid would be difficult if not impossible to come by due cannabis’s Schedule I status, but to her surprise, she has since heard of several companies that have been able to qualify for relief.
For example, she says some companies have focused their applications on the hemp side of their business, which has allowed them to qualify for the Small Business Administration’s Paycheck Protection Program.