Bipartisan Cannabis Reform Takes Center Stage Again in Congress

2.1 min readPublished On: October 26th, 2023By

LOS ANGELES- Rep. Nancy Mace (R-S.C.) has reintroduced federal cannabis reform to the forefront, two years after she became a prominent Republican voice on the matter. On October 24, Mace unveiled a new cannabis legalization bill, echoing her previous attempt with the States Reform Act filed in November 2021. This earlier effort sought to deregulate cannabis from Schedule I of the Controlled Substances Act and to model federal regulations on those of alcohol.

However, while the exact content of the new legislation remains undisclosed, it draws upon the spirit of its predecessor and has garnered bipartisan support. This new push boasts co-sponsors such as Reps. Tom McClintock (R-Calif.), Dean Phillips (D-Minn.), David Trone (D-Md.), and Matt Gaetz (R-Fla.), marking a distinctive difference from the previous, more partisan backing.

The States Reform Act aimed to establish a federal licensing system for cannabis enterprises, ensure federal oversight for interstate medical cannabis products, and implement a 3% federal cannabis excise tax with a ten-year freeze on hikes. This tax proposition was significantly lower than the 25% sales tax suggested by Senate Majority Leader Chuck Schumer in his Cannabis Administration and Opportunity Act (CAOA).

Mace envisaged using the tax revenue generated from federal legalization for initiatives like supporting law enforcement, fostering small businesses, and bolstering veterans’ mental health programs. “This bill supports veterans, law enforcement, farmers, businesses, those with serious illnesses, and it is good for criminal justice reform,” Mace expressed in 2021.

In her 2021 proposal, Mace recommended the Alcohol and Tobacco Tax and Trade Bureau (TTB) of the U.S. Department of the Treasury to supervise federal regulation for cannabis products in interstate commerce. Concurrently, the Food and Drug Administration (FDA) would handle medical use oversight.

However, Mace’s vision encountered a roadblock as the States Reform Act did not undergo committee evaluation in the last Congress. With the current precarious Republican majority in the U.S. House, bipartisan support has become essential.

Following recent political developments—including the replacement of the former House Speaker—Mace emphasized the need for representatives to heed their constituents. “Eight of us had the audacity to listen to the American people and vote to vacate the former Speaker,” she stated, signaling her readiness to challenge established norms. However, Rep. Mike Johnson (R-La.), the newly elected House Speaker, might not align with Mace on cannabis reform, given his past voting record against it.

As the political dynamics shift in Congress, the fate of Mace’s new cannabis bill remains uncertain, yet it underscores the ever-evolving nature of the debate on cannabis legalization at the federal level.

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

Share This Story, Choose Your Platform!