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A Leak Reveals A Republican Led Bill To Federally Legalize And Tax

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Democrats are no longer alone in the attempt to legalize marijuana at the federal level. A Republican-led bill has come out as an alternative to Democrats’ efforts to legalize and tax marijuana in the United States. Marijuana Moment revealed last week a draft bill, called States Reform Act, led by Republican Nancy Mace (Rep.-SC), which would federally reschedule marijuana and create a regulatory scheme. The draft legislation would federally reschedule marijuana from the list of controlled substances, and it would impose a 3.75% excise tax on cannabis sales. As marijuana would be treated similarly to alcohol, the Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) would be the chief regulator for this market. The Food and Drug Administration (FDA) would be instead limited in its regulatory authority. While it could prescribe serving sizes, certify designated state medical cannabis products and approve and regulate pharmaceuticals derived from marijuana, it couldn’t ban the use of cannabis or its derivates for non-medical use. The existing state-licensed cannabis operators would be exempt from the federal scheme to ensure continued patient access and reward participation in the legal market. Advertising is likely to be restricted, and only adults (from 21 years old) will be legally entitled to consume recreational cannabis. Only federal cannabis convictions with no-violent records would be eligible for expungement. Furthermore, the draft bill would protect veterans from discrimination in federal hiring due to their cannabis use, and doctors with the U. S. Department of Veterans Affairs could recommend medical cannabis treatment for veterans. Revenue from taxation would aim to support grant programs for reintegration, law enforcement, and aids for newly licensed businesses and Small Business Administration (SBA) agency, which would need to treat marijuana businesses the same as other regulated markets. The Bureau of Labor Statistics (BLS) will issue a report to Congress on the marijuana industry, according to the 116-pages draft bill. The draft bill has yet to be introduced in the U. S. House of Representatives. However, Marijuana Moment reported that a final version will be officially filed later this month. Mace, who took office earlier this year, was the only Republican lawmaker to support the Marijuana Research bill to conduct clinical trials into the therapeutic potential of marijuana for military veterans. The House Veterans Affairs Committee approved the bill on November 4. Although Mace has yet to speak publicly about the draft bill, the proposal seems a compromise with other far-reaching Republican draft bills. According to the information leaked by Marijuana Moment, the draft bill seems to be based on a regulatory scheme meant to foster and protect the single states’ decisions over regulating the marijuana industry.

All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/dariosabaghi/2021/11/09/a-leak-reveals-a-republican-led-bill-to-federally-legalize-and-tax-marijuana/

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