So I'm not sure if you've heard but I haven't seen any recent posts on it so I'll take a crack at informing you. Over the last week pot stocks have been running wild. $CGC up over 25% $TLRY up 21% $POTX $YOLO $MSUS were the top 3 gaining ETFs last 5 days so whattup with that? Well...
A new Republican-led congressional marijuana legalization bill is imminent. The measure is being framed by advocates as a compromise between simple descheduling as proposed by other GOP lawmakers and wide-ranging comprehensive legislation that Democratic leaders are championing. The bill is being led by Rep. Nancy Mace (R-SC). The measure, titled the States Reform Act, is currently being circulated among stakeholders for feedback and is therefore preliminary, but a final version is expected to be officially filed later this month.
What does the bill propose?
⭐Cannabis would be federally descheduled and treated in a manner similar to alcohol.
⭐A 3.75 percent excise tax would be imposed on cannabis sales. Revenue would support grant programs for community reentry, law enforcement and Small Business Administration (SBA) aid for newly licensed businesses.
⭐The Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) would be the chief regulator for marijuana with respect to interstate commerce.
⭐The Food and Drug Administration (FDA) would be limited in its regulatory authority, with the intent being that it would have no more control over cannabis than it does for alcohol except when it comes to medical cannabis. The agency could prescribe serving sizes, certify designated state medical cannabis products and approve and regulate pharmaceuticals derived from marijuana, but could not ban the use of cannabis or its derivates in non-drug applications, like in designated state medical cannabis products, dietary supplements, foods, beverages, non-drug topicals or cosmetics.
⭐Raw cannabis would be considered an agricultural commodity regulated by the U.S. Department of Agriculture (USDA).
⭐The legislation would grandfather existing state-licensed cannabis operators into the federal scheme to ensure continued patient access and incentivize participation in the legal market.
⭐As federal agencies work to promulgate rules, there would be safe harbor provisions to protect patients and marijuana businesses acting in compliance with existing state laws.
⭐People with certain federal cannabis convictions that were non-violent would be eligible for expungements.
⭐To prevent youth use, there would be a mandatory 21 age limit for recreational cannabis, and the bill also prescribes certain restrictions on things like advertising.
⭐SBA would need to treat marijuana businesses the same as other regulated markets, like it does for alcohol companies, for example.
⭐The measure also stipulates that veterans can’t face discrimination in federal hiring due to cannabis use, and doctors with the U.S. Department of Veterans Affairs (VA) would be specifically authorized to issue recommendations for medical cannabis for veterans.
⭐Federal agencies could continue to drug test for marijuana.
⭐The Bureau of Labor Statistics (BLS) would be required to issue a report to Congress on the marijuana industry.
The Republican-led effort sets the stage for some interesting debate. Advocates have already rallied behind measures such as the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act, which recently cleared the House Judiciary Committee, as well as a reform bill that’s being finalized on the Senate side, led by Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ).
The point is that the long national hypocrisy seems poised to end. That's why pot stocks have been rallying. Thank you that is all.
#tcardizzle #marijuana #congress
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