- Four cannabis bills introduced on federal level indicates import to government leaders.
- Increased compromise, bipartisanship could lead to significant changes.
- ACP is strengthening position in the sector, currently operating in two states that have passed legislation approving the substance.
Federal cannabis reform has been a roller coaster ride over the past several years, with the introduction of several bills raising hopes for legislative support, especially with a change in the White House seeming to create a more cannabis-friendly atmosphere. But 2021 didn’t bring the much-anticipated change, and many companies operating in the space, including American Cannabis Partners (“ACP”), are looking for this year to be different.
“Hope soared with the possibility of federal cannabis reform in 2021,” reported a Feb. 11 “National Law Review” (“NLR”) article (https://nnw.fm/1K55E). “But, as 2021 continued on, optimism dwindled as any advancement in federal cannabis reform was hobbled by the inability of Congress to agree on the appropriate level of reform and the proper mechanics for passage.
“Specifically, tension rose amongst the elected Democrats on whether to support incremental reform (like access to banks or removal of cannabis from the list of Schedule 1 drugs) or comprehensive legalization with provisions to address social inequities stemming from the legacy of the War on Drugs,” the article continued. “And so 2021 came to an end, and the cannabis industry saw yet another year of failed meaningful change on the federal level.”
According to the NLR, however, hope isn’t lost. “If anything, last year saw more bills introduced into Congress (including two new federal legalization proposals) than ever before — clearly indicating its import to our nation’s leaders,” the article reports. “Justice Clarence Thomas from the Supreme Court even subtly advised Congress to address legalization, noting that the Federal Government’s current ‘half in, half out regime’ on cannabis strained the principles of federalism.”
In a quick review of existing legislation, the NLR noted four bills — the Secure and Fair Enforcement (“SAFE”) Banking Act, the Marijuana Opportunity Reinvestment and Expungement (“MORE”) Act, the Cannabis Administrative and Opportunity (“CAO”) Act and the States Reform Act (“SRA”) — circulating around Capitol Hill that could lead to significant changes in the cannabis space.
The article stated that “Congress should thus focus on forging a compromise or middle ground on these reforms to increase bipartisan support and avoid competing and inconsistent bills floating around, resulting in another year of unwanted (and unnecessary) deadlock. Indeed, the CAO could be an example of such needed compromise — especially if the drafters seriously heed the criticisms and comments provided during the bill’s review period and consider incorporating certain bipartisan elements of the SRA, like a more streamlined and lower rate tax structure.”
Like other cannabis companies, American Cannabis Partners is eyeing the federal back-and-forth with more than interest; federal change could have a significant impact on the industry, which currently operates with state-level approvals but without federal support. Yet nationwide, support for cannabis is growing, with a Gallup poll showing that more than two in three Americans (68%) support legalizing the substance (https://nnw.fm/LOzhB).
ACP is strengthening its position in the sector, currently operating in two states — California and Michigan — that have passed legislation approving marijuana. With a total of 12 cannabis licenses, including 20,000 square feet of cultivation licenses in California and 540,000 square feet of cultivation licenses along with one retail license in Michigan, ACP is contending for first place in the U.S. cannabis industry by following proven strategies that accelerate the company’s assets, operations, expansions and market share.
For more information, visit the company’s website at www.ACPFarms.com.
NOTE TO INVESTORS: The latest news and updates relating to American Cannabis Partners are available in the company’s newsroom at https://nnw.fm/ACP
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