- NLR reports that bipartisan support for cannabis policies could reshape federal enforcement, set the stage for further state legalization
- GOP sponsorship of bills could mean greater likelihood of success
- SGMD’s strategic plan is centered on expanding end-market access as a central player in the growing California cannabis delivery marketplace
As 2021 wound to a close, indications of bipartisan support for federal cannabis reform raised the hope that legislative progress may be made on the federal level in the coming year (https://ibn.fm/LMlBO). Companies operating in the cannabis space, including Sugarmade (OTC: SGMD), are watching closely to see if that hope is realized.
“Long-anticipated federal cannabis reform may be on the horizon,” stated a December 2021 article in the National Law Review. “In the last month, bipartisan governors and groups from both bodies of Congress have established support for cannabis policies that would reshape federal enforcement and set the stage for further state legalization.”
The article specifically noted the States Reform Act, which was introduced by South Carolina Representative Nancy Mace in November; the act is the first Republican-backed cannabis decriminalization bill with support from four other Republican representatives. “The bill would amend several existing laws, but most significantly would remove cannabis from the list of Schedule 1 controlled substances, effectively ending federal cannabis prohibition,” NLR reported.
“The bill defers to states to enact additional regulations but establishes some baseline federal policies,” the article continued. “The cannabis market would be overseen by various existing federal agencies: cannabis growers by the U.S. Department of Agriculture, cannabis products by both the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Alcohol and Tobacco Tax and Trade Bureau, and all medical use by the Food and Drug Administration. A 3% excise tax would also apply to all cannabis products, and the tax revenue would in part support law enforcement initiatives, veterans’ mental health programs, and U.S. Small Business Administration (“SBA”) investment in cannabis businesses.
“While this broad federal decriminalization agenda is just getting off the ground in the House, its GOP-sponsorship may carry a greater likelihood of success at both the House and Senate level, where other, more progressive Democratic bills have failed,” the article concluded.
Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s core strategic plan is centered on expanding its end-market access as a central player in the growing California cannabis delivery marketplace while developing its in-house cannabis production capacity to verticalize operations in the space. Through a combination of organic growth and strategic acquisitions, Sugarmade intends to develop a full farm-to-door vertically integrated cannabis business.
For more information, visit the company’s website at www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://ibn.fm/SGMD
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