Deep Dive: A New Legalization Push from a Suprising Source
Image: wltx.com
This Monday, South Carolina congresswoman Nancy Mace unveiled the States Reform Act, which is the newest bill aiming to federally legalize cannabis in the U.S.
The bill, which follows last December's MORE Act and this July's Cannabis Administration and Opportunity Act, is the third bill in twelve months aiming to legalize cannabis.
Adding to the significance of this bill is the originator, as Nancy Mace is a Republican Representative. Although bi-partisan support has been growing for cannabis legalization, the prior two bills were championed by Democrats.
Additionally, Republicans have generally been opposed to cannabis legalization, which is what makes this bill such a seismic change in the legalization push.
In addition the symbolic shifting political landscape this bill represents, it is full of sensible measures that build upon the prior legalization bills. A few highlights of the bill are below.
The bill would;
Strip cannabis of its classification as a Schedule I drug under the Controlled Substances Act
Enable states to build out their own legalization or ban frameworks
Expunge all non-violent cannabis offenses
Create a regulatory framework for cannabis, with Tax and Trade Bureau overseeing the industry as it does the alcohol industry, the ATF regulating adult use, the FDA regulating medical use, and the Agricultural Department regulating raw cannabis cultivation
Apply a 3% excise tax on all cannabis sales
This bill continues the tradition of the MORE Act and Cannabis Administration and Opportunity Act by removing Cannabis as a Schedule 1 Drug. This will legalize the product, allow cannabis companies access to banking and other government business programs, and sunset the onerous 280E tax provision that financially hamstrings cannabis companies distribution efforts.
It also continues the tradition of those earlier bills in handing authority to the states to determine their own stance on cannabis use & licensing.
The 3% excise tax is the most financially attractive component of the bill, drawing sharp contrast to the Cannabis Administration & Opportunity Act, which proposed a 10 to 25% excise tax.
However, this bill falls short in providing the Social Equity measures of both the MORE Act and the Cannabis Administration & Opportunity Act, raising questions about the effects of addressing the growing inequality issues of the industry.
Overall, this bill is another great step towards legalization, and creates optimism for the possibility of bi-partisan legalization in the near future.
Read More: Representative Nancy Mace Introduces Bill To End Federal Cannabis Prohibition [Forbes]
Read More: South Carolina Republican introduces bill to decriminalize marijuana at federal level [NBC News]
Read More: South Carolina Republican reveals marijuana legalization bill she’ll introduce in Congress [MJ Biz]
