Marijuana Moment scooped that there’s a forthcoming Republican-led proposal to legalize and tax REC federally. With just a year before the mid-term elections, the news raised hopes of revising cannabis reform in Congress. Sponsor Rep. Nancy Mace (R-S.C.) sees the bill as a compromise between simply de-scheduling and the Democrats more comprehensive proposal, which includes several equity provisions.
The 116 page draft bill’s provisions include:
- A 3.75% excise tax on cannabis to support equity, law enforcement and other programs. The Democrats’ bill includes far higher federal pot taxes.
- State-licensed operators would be grandfathered into the federal regulation.
- It would impose some restrictions on advertising.
A Wall Street analyst said the bill could significantly increase the chance of federal reform this term.
- Industry ally Rep. Ed Perlmutter (D-Colo.) said he’s confident President Joe Biden will sign banking reform by the end of 2022.
- A Gallup Poll found public support for legalization holding steady at a high of 68%.
Pot stocks staged a rare rally on news of the Republican proposal.
- Despite the rally, Politico explained why investors have soured on pot stocks.
In other D.C. news: The $1.2 infrastructure bill headed to Biden’s desk includes provisions that would allow researchers to study the cannabis available at dispensaries.