Mitch McConnell and Congress to Help Save Hemp/CBD Industry with Bailout


Mitch McConnell and Congress to Help Save Hemp/CBD Industry with Bailout
The Issue
Congress and Senate with Donald Trump's blessing are right now looking at a $1 trillion Emergency Stimulus package for airlines, restaurants, and other industries. Please help the hemp farmers and CBD brands across the country. This sector was supposed to grow to $22 billion in the next three years, and right now because of COVID-19 hundreds of thousands of jobs and literally thousands of SMB companies are going to be lost in this sector.
In addition to the billion dollars needed to bolster the industry before it collapses, here are three legislative things that you can easily do to help save this industry in this supplement package:
- SAFE Banking Act passed now to allow CBD/Hemp to get critical capital from banks and SBA loans and to stay in business--$1 billion of investment and critical liquidity;
- IRS tax code changed to allow HSA/FSA to buy hemp/CBD products with proven outcomes--$200-$400M of tax-free purchases for people with chronic conditions;
- Change the supplement rules as proposed in the bi-partisan letter Pingree and Comer sent to the FDA on 9/9/19 to include CBD for a two-year probationary period, because currently as it is a “gray area” it has kept investors on the sidelines killing businesses and jobs.--$2 billion dollars of revenue and a lot of consumers getting non-benzo based pain alternatives (also supply comes from US farms versus China factories for opiates).
Signed with urgency by CEOs and Stakeholders representing over [5,000] American employees and household currently at risk.
1,562
The Issue
Congress and Senate with Donald Trump's blessing are right now looking at a $1 trillion Emergency Stimulus package for airlines, restaurants, and other industries. Please help the hemp farmers and CBD brands across the country. This sector was supposed to grow to $22 billion in the next three years, and right now because of COVID-19 hundreds of thousands of jobs and literally thousands of SMB companies are going to be lost in this sector.
In addition to the billion dollars needed to bolster the industry before it collapses, here are three legislative things that you can easily do to help save this industry in this supplement package:
- SAFE Banking Act passed now to allow CBD/Hemp to get critical capital from banks and SBA loans and to stay in business--$1 billion of investment and critical liquidity;
- IRS tax code changed to allow HSA/FSA to buy hemp/CBD products with proven outcomes--$200-$400M of tax-free purchases for people with chronic conditions;
- Change the supplement rules as proposed in the bi-partisan letter Pingree and Comer sent to the FDA on 9/9/19 to include CBD for a two-year probationary period, because currently as it is a “gray area” it has kept investors on the sidelines killing businesses and jobs.--$2 billion dollars of revenue and a lot of consumers getting non-benzo based pain alternatives (also supply comes from US farms versus China factories for opiates).
Signed with urgency by CEOs and Stakeholders representing over [5,000] American employees and household currently at risk.
1,562
The Decision Makers


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Petition created on March 17, 2020