According to media reports in the US, legislation that would both decriminalise and establish a tax on cannabis sales is being developed by Republican Nancy Mace with the aim of introducing a bill in the House of Representatives later this month.
The legislation would not be as far-reaching as more comprehensive bills other members of Congress have been asking for.
According to the reports, the bill Mace is preparing would place interstate regulation of cannabis under the Alcohol and Tobacco Tax and Trade Bureau and the Food and Drug Administration would also play a role in regulating products.
Similar to federal laws on alcohol, recreational cannabis would be limited to people 21 years and older and advertising restrictions would apply.
Last week, Marijuana Moment reported that a draft of the “States Reform Act” legislation was being circulated, with a final version ready within weeks.
And while the content of the bill Mace may be working on — and whether it is close to being introduced — has not been confirmed, cannabis stocks advanced anyway.
Currently, Congress remains divided and with only a few legislative weeks remaining in the current session, and the 2022 midterm election campaigns starting early next year, it is unclear how much lawmakers will be able to achieve.
While cannabis remains prohibited under federal law in the US, 18 states have legalised recreational use and 36 states have legalised it for medicinal purposes.