Democrats have generally been at the helm of cannabis reform, especially at the federal level. The most prominent cannabis bills, ones that would federally decriminalize cannabis and allow for federal cannabis taxes as well as give businesses in the cannabis space access to financial services have been helmed by Democrats. However, stakeholders have said that getting Republicans to pass comprehensive cannabis reform will be almost impossible, especially if it was prepared by the left. A new Republican-led marijuana bill may be the answer to this dilemma.
Led by Rep. Nancy Mae, the legislation titled the States Reform Act may be the compromise between the more modest marijuana reform that Republicans have proposed and the comprehensive cannabis reform Democrats would like to pass. The measure is currently being circulated among industry stakeholders to get feedback, with the final version being officially filed later this month.
If the bill receives enough support from the GOP, we may finally see Congress pass federal cannabis reform. Given that the bill champions the right of states to decide how they want to handle cannabis as well as the business interests of already existing cannabis firms, it is likely that the GOP may support the bill.
Through the States Reform Act, Mae, who was also the only Republican to vote in favor of a marijuana research bill for vets, is looking to deschedule cannabis at the federal level and create a regulatory framework while ensuring the new laws do not burden or undermine already existing state cannabis markets. A 3.75% excise tax would be used to fund grant programs for the Small Business Administration Program, community re-entry, law enforcement and aid for new cannabis businesses. Interstate commerce would be regulated by the Treasury Department’s Alcohol Tax and Trade Bureau (“TTB”) and the Food and Drug Administration (“FDA”) would have limited regulatory control over recreational cannabis.
Mae’s new 116-page cannabis legislation would cap access to recreational cannabis at 21 years to curb youth drug use as well as place certain limitations on marketing and advertising. Additionally, the bill would allow the expungement of the records of individuals with certain nonviolent federal cannabis convictions, provide protections for veterans who use cannabis and task the U.S. Department of Veterans Affairs (“VA”) with authorizing doctors to recommend medical marijuana for veterans. It is not yet clear if any other Republican lawmakers will be involved with the bill once it is officially unveiled.
As the push for federal drug-policy reform gains momentum, a time may come when marijuana is decriminalized and more patients would be able to use the cutting-edge devices designed to ease the use of cannabis medicines, such as the devices manufactured by RYAH Group Inc. (CSE: RYAH).
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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