SC Representative says she will introduce bill to legalize marijuana on the federal level next week
by: Will Lewis
Posted: Nov 10, 2021 / 10:41 PM EST / Updated: Nov 11, 2021 / 01:55 PM EST
COLUMBIA, S.C. (FOX 46 CHARLOTTE) — More states have been legalizing the recreational use of marijuana but everyone across the country could light up if proposed federal legislation passes.
“We talk about it, there’s hints of it, there’s hearsay of these things, and to hear it is one thing,” says Lorenzo McNulty, a cannabis entrepreneur.
The legislation is more than hearsay, the bill, titled the States Reform Act, is sponsored by South Carolina Republican Congresswoman, Nancy Mace. The GOP member showing more Republicans may be on board regarding the issue that has normally been associated with Democrats.
“The people that want it to pass,” added McNulty. “They don’t care if they are on the red side or the blue side. They want those sides to be on the side of the people. You’re going to see even more or the same amount. We’re just waiting, we can’t go until they say go.”
Lorenzo McNulty is keeping a close eye on the federal legislation. He and his partners with Keep It Hemple sell CBD products and know if the States Reform Act is passed, it’s a game-changer.
“It changes the bottom line; we’ve got a lot of CBD particular business owners that got in with the rush and they are now filing bankruptcy because of the cost margins.”
Information about the proposed legislation was leaked online and found by the website Marijuana Moment. In an article, the writer says marijuana will be treated like alcohol, there would be a 3.75% tax on cannabis sales , and it would be regulated by the Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau.
So, the industry is in a wait-and-see mode.
“Let’s see what the bill contains,” says McNulty.
People will get to see what’s in the legislation soon. On Twitter, Congresswoman Mace tweeted she will hold a news conference on November 15 to introduce and file the proposed legislation.
source
https://www.fox46.com/news/health/sc-represen...next-week/
Proposed Marijuana Bill, The State Reform Act, Takes Aim at Multi-Billion Dollar Market
Rob Lenihan 1 day ago
The recent surge of cannabis stocks following reports of a Republican-led bill seeking to legalize and tax marijuana takes aim at a market expected to grow to $51 billion by 2025.
On Friday, online magazine Marijuana Moment broke the news that Rep. Nancy Mace (R-SC) is leading a bill to deschedule and tax marijuana.
Currently in draft format, the bill known as the States Reform Act proposes officially making marijuana a regulated substance akin to alcohol and slapping it with a 3.75% excise tax.
The Cannabis ETF soared on the news and it is clear the bill would tap into a substantial market. How substantial has been studied closely for the last two years by experts worldwide.
In a report issued in September, analytics firm New Frontier Data said global sales of high-THC cannabis through legally regulated sources totaled $23.7 billion in 2020, with the U.S. alone accounting for $20.3 billion of that total
Sales in currently legal markets are forecast to exceed $50 billion by 2025, the report said, bolstered by expanding legal access and strong consumer demand.
The proposed legislation would put the interstate regulation of marijuana under the Alcohol and Tobacco Tax and Trade Bureau, which is an agency within the Treasury Department. The U.S. Food and Drug Administration also would have a limited role in regulating products
The bill is currently being circulated among stakeholders and not expected to be filed until the end of the month.
Eighteen U.S. states, most recently Connecticut in June, as well as the District of Columbia, have legalized the recreational use of marijuana,, according to Reuters.
Marijuana, which remains prohibited by federal law, has been approved for medical use in 36 states and the District of Columbia.
Analysts did not hold out much hope for the legislation, with Stifel's Andrew Carter stating in a research note that he believes the bill "has limited near-term prospects."
source
https://www.msn.com/en-us/news/other/proposed...l%20market.
by: Will Lewis
Posted: Nov 10, 2021 / 10:41 PM EST / Updated: Nov 11, 2021 / 01:55 PM EST
COLUMBIA, S.C. (FOX 46 CHARLOTTE) — More states have been legalizing the recreational use of marijuana but everyone across the country could light up if proposed federal legislation passes.
“We talk about it, there’s hints of it, there’s hearsay of these things, and to hear it is one thing,” says Lorenzo McNulty, a cannabis entrepreneur.
The legislation is more than hearsay, the bill, titled the States Reform Act, is sponsored by South Carolina Republican Congresswoman, Nancy Mace. The GOP member showing more Republicans may be on board regarding the issue that has normally been associated with Democrats.
“The people that want it to pass,” added McNulty. “They don’t care if they are on the red side or the blue side. They want those sides to be on the side of the people. You’re going to see even more or the same amount. We’re just waiting, we can’t go until they say go.”
Lorenzo McNulty is keeping a close eye on the federal legislation. He and his partners with Keep It Hemple sell CBD products and know if the States Reform Act is passed, it’s a game-changer.
“It changes the bottom line; we’ve got a lot of CBD particular business owners that got in with the rush and they are now filing bankruptcy because of the cost margins.”
Information about the proposed legislation was leaked online and found by the website Marijuana Moment. In an article, the writer says marijuana will be treated like alcohol, there would be a 3.75% tax on cannabis sales , and it would be regulated by the Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau.
So, the industry is in a wait-and-see mode.
“Let’s see what the bill contains,” says McNulty.
People will get to see what’s in the legislation soon. On Twitter, Congresswoman Mace tweeted she will hold a news conference on November 15 to introduce and file the proposed legislation.
source
https://www.fox46.com/news/health/sc-represen...next-week/
Proposed Marijuana Bill, The State Reform Act, Takes Aim at Multi-Billion Dollar Market
Rob Lenihan 1 day ago
The recent surge of cannabis stocks following reports of a Republican-led bill seeking to legalize and tax marijuana takes aim at a market expected to grow to $51 billion by 2025.
On Friday, online magazine Marijuana Moment broke the news that Rep. Nancy Mace (R-SC) is leading a bill to deschedule and tax marijuana.
Currently in draft format, the bill known as the States Reform Act proposes officially making marijuana a regulated substance akin to alcohol and slapping it with a 3.75% excise tax.
The Cannabis ETF soared on the news and it is clear the bill would tap into a substantial market. How substantial has been studied closely for the last two years by experts worldwide.
In a report issued in September, analytics firm New Frontier Data said global sales of high-THC cannabis through legally regulated sources totaled $23.7 billion in 2020, with the U.S. alone accounting for $20.3 billion of that total
Sales in currently legal markets are forecast to exceed $50 billion by 2025, the report said, bolstered by expanding legal access and strong consumer demand.
The proposed legislation would put the interstate regulation of marijuana under the Alcohol and Tobacco Tax and Trade Bureau, which is an agency within the Treasury Department. The U.S. Food and Drug Administration also would have a limited role in regulating products
The bill is currently being circulated among stakeholders and not expected to be filed until the end of the month.
Eighteen U.S. states, most recently Connecticut in June, as well as the District of Columbia, have legalized the recreational use of marijuana,, according to Reuters.
Marijuana, which remains prohibited by federal law, has been approved for medical use in 36 states and the District of Columbia.
Analysts did not hold out much hope for the legislation, with Stifel's Andrew Carter stating in a research note that he believes the bill "has limited near-term prospects."
source
https://www.msn.com/en-us/news/other/proposed...l%20market.
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