Politics

Could GOP cannabis plan break D.C. deadlock?

By Alex Halperin
Nov 8, 2021
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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.
Business Insider

Pot stocks staged a rare rally on news of the Republican proposal.
MarketWatch

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.
Marijuana Moment