Despite polls showing that most Americans favor legalizing cannabis and the fact that it has spread to red states such as Missouri where adult-use sales began last week, some lawmakers and lobbyists still think that major, revolutionary change such as federal legalization is still a long way off.
Even though there are some encouraging signs in Congress, such as support from South Carolina Representative Nancy Mace, there is still plenty of opposition, and the House appears to have “a lot on its plate” right now. Mace is a prominent conservative advocate for marijuana legalization.
One significant barrier is the perception that marijuana is not a priority for House Speaker Kevin McCarthy, who represents a conservative region of California where retail dispensaries for legal commercial cannabis are prohibited. There is also an understanding that crucial committees where marijuana-related legislation needs to be heard will instead act as roadblocks. One example is the House Judiciary Committee, which is currently led by Jim Jordan, an Ohio Republican.
Jordan has already stated that his top priorities are the infamous laptop owned by Hunter Biden, the president’s son, as well as the actions of the American intelligence community and immigration at the southern U.S. border.
Rep. Chip Roy, a Texas Republican who received a D- grade from NORML, replaced Ed Perlmutter, a retired Colorado Democrat who was the main proponent of the SAFE Banking Act, on that same committee.
The upcoming 2024 presidential election will further compound the obstacles to marijuana legalization. While some observers point out that there is some common ground on the issue of marijuana between conservatives in the Freedom Caucus such as Rep. Matt Gaetz and moderates such as Mace, others point out that Jordan could approve legislation without a full hearing.
In her proposal for federal legalization, Mace said on Friday that she would reintroduce the States Reform Act, which would exempt marijuana from the Controlled Substances Act and leave most of the remaining issues to be resolved by state law. Her bill will be added to a scheduling proposal created by Florida Republican Rep. Greg Steube.
Observers also anticipate the reintroduction of the SAFE Banking Act, which is likely to be sponsored by Ohio Republican Rep. Dave Joyce, as well as the reappearance of other bills that failed to make much progress during the previous Congress.
According to early predictions, even SAFE Banking will run into the same issues that hindered progress in December.
Democrats currently hold a slim 51–49 advantage in the Senate, with Pennsylvania Democrat John Fetterman—a steadfast advocate for marijuana legalization—occupying the extra seat. Therefore, Democrats’ priorities and those of Senate Majority Leader Chuck Schumer have a freer hand in significant committees.
However, it also means that any bill must receive the support of all members of the Democratic caucus and at least nine Republicans to overcome cloture in per the chamber’s filibuster rule.
The way things stand, enterprises looking to medicalize marijuana compounds such as India Globalization Capital Inc. (NYSE American: IGC) have a more certain outlook compared to those that are banking on federal policy reform.
NOTE TO INVESTORS: The latest news and updates relating to India Globalization Capital Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC
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