Connect with us


Vermont’s Flood-Hit Cannabis Businesses Face Aid Challenges Amid Federal Prohibition

Recreational cannabis companies ineligible for federal funds.




Recent floods in Vermont have left parts of the State paralyzed.PHOTO COURTESY OF WIKI COMMONS

Cannabis businesses in Vermont will be facing unique challenges in accessing financial aid in the aftermath of recent floods. As recreational cannabis remains illegal at the national level, these businesses are ineligible for federal funds allocated to Vermont, reports the Bennington Banner.

“There’s a robust cannabis industry in Vermont, and many of those businesses will need financial assistance,” Todd Bailey, Executive Director of the Cannabis Retail Association of Vermont (CRAV) told the Banner. “These are businesses owned by Vermonters, which employ thousands of additional Vermont residents.”

Because of the complications of federal prohibition, the fund is still trying to determine how it can help the cannabis industry. “Unlike legacy businesses, our industry won’t likely have access to federal aid, so they need support from the public even more so than others,” Bailey explained.

CRAV is working with Capstone Community Action, a non-profit organization, to pool donations and ensure their tax-deductible status. The recovery fund is exploring options to include cannabis businesses among the recipients of aid.

While the exact extent of the damage to cannabis businesses is still being assessed, Bailey stated that “dozens of businesses” have been hit hard across the state, amounting to “tens of millions of dollars” in losses.




Cannaconvo with Peter Su of Green Check Verified

Cannabis Last Week with Jon Purow interviews Peter Su of Green Check Verified. Peter Su is a Senior Vice President with Green Check Verified, the top cannabis banking compliance software/consultancy in the space. A 20+ year veteran of the banking industry, Peter serves on the Banking & Financial Services committee of the National Cannabis Industry Association. He chairs the Banking and Financial Services Committee for the NYCCIA & HVCIA. He is an official member of the Rolling Stone Cannabis Culture Council. And, he is on the board of the Asian Cannabis Roundtable, serving as treasurer.

Promoted Headlines






Most Popular