Most Republicans Now Support Marijuana Legalization

A recent poll has found that most Republicans now support the legalization of marijuana at the federal level. In 2019, a Gallup poll had indicated that two-thirds of Americans are in support of legalization. Now, even Republicans are ready and eager to see the government take this route, as a Rasmussen Report had revealed. In addition, Republican legislators are also chiming into the conversation positively.

Details of a Republican-sponsored bill (Mace Bill) that aims to legalize cannabis federally have leaked to the public. This bill proposes that cannabis be regulated in the same way that alcohol is regulated. With Republicans now taking the initiative in marijuana legalization. A Wall Street analyst predicts a Berlin Wall fall that will end the many years of cannabis prohibition in the U.S. 

What is The Nancy Mace Bill?

A South Carolina congresswoman, Nancy Mace,  is set to unveil the details of a bill that seeks to legalize marijuana at the federal level. She took to Twitter to announce that she would be sharing the details of this bill (State Reform Act) at a media briefing that should happen in November in Washington D.C. This announcement sent ripples in the stock market, causing a surge in marijuana stock prices. 

Mace's proposal includes an excise tax of 3.75%, a small fraction of what was suggested in Schumer's marijuana legalization bill. Higher taxes would adversely affect the legal cannabis market and compel consumers to continue engaging with legacy businesses. Even with more states moving to legalize cannabis, the marijuana black market is still worth billions.

The Mace bill will allow state governments to regulate the cannabis markets within their jurisdiction. Tax collection will be under the Alcohol and Tobacco Tax and Trade Bureau, under the Department of Treasury. Mace's bill does not support social equity programs that support minorities because it lacks an adequate budget to cater for this. 

According to Nancy Mace, this proposal is a middle-ground between Schumer's ambitious bill and the previous approach, which was to leave states to make their own decisions regarding marijuana. Despite Schumer's bill being heavily focused on social equity, it is more likely to benefit the big cannabis business than the pop and mom shops.

Marijuana Stocks Rally Following Leaks of The Mace Bill

Marijuana stocks, which were largely beaten down in the first part of the year, have rallied all week long in anticipation of the Mace bill. Republicans for a long time have been the missing link in efforts to legalize cannabis. Now that they seem to be coming on board, investors are seeing an opportunity to cash in before demand shoots through the roof and prices become unfathomable.  

The 2021 Rasmussen Report

According to a recent Rasmussen Report, most Republicans now support the full legalization of cannabis by the federal government. The report was based on an online survey and telephone interviews and was carried out from October 21st to 24th and involved 1,000 participants. The following information was extracted from the study:

• 62% of Americans support the federal legalization of cannabis
• 54% of Republicans compared to 64% of Democrats support full legalization
• 47% felt that the federal government should oversee legalization, while 32% felt the state should do this. 
• 50% of the participants admitted to having smoked cannabis in their lifetime
• In the elderly population (above 65 years), 40% supported full legalization

A different Gallup poll showed that 68% of Americans support the legalization of marijuana. There is increasing evidence to support a push towards the full acceptance of marijuana as a medicinal plant with immense therapeutic potential and minimal adverse effects. Will the Biden-Harris administration budge?

Biden-Harris Take on Cannabis

Despite the positive developments in the cannabis scene, the President's take on cannabis remains unchanged. Joe Biden openly opposes the legalization of cannabis at the federal level in America. While he supports using cannabis as medicine, he does not support recreational use of the herb. He instead proposes decriminalizing cannabis and leaving the states to do what they want within their borders. 

The President does not have the power to deschedule cannabis by executive order. However, he can compel executive agencies such as the DEA to reschedule it or alter their enforcement approach. The President may also use his executive powers to grant clemency to those facing federal charges for marijuana-related crimes. The clemency will apply to all those who have committed such crimes, regardless of whether they have been charged in a court of law or not. 

Are We Closer to Federal Legalization of Cannabis?

The journey towards the full legalization of cannabis in the U.S. has been an uphill climb. Several legislators from both sides of the divide are pushing for federal legalization amidst the prevailing headwinds.

Going by recent statistics, it is highly likely that we are much closer to the finish line. A majority of Democrats and Republicans are seeing eye-to-eye on this issue, which indicates what is to come. However, this may not happen during a Biden Presidency. 

In 2019, the then-senator Kamala Harris introduced a bill to decriminalize marijuana and expunge marijuana-related criminal records. However, the bill was unable to move to the Senate for debate. The cannabis Administration and Opportunity Act drafted by Charles E. Schumer demonstrates how cannabis can be legalized at the federal level. In its current state, the bill may lack adequate support to push it through the Senate. And even if it did, it is improbable that President Biden will sign it into law, given his hard stance on federal legalization. The White House press secretary Jen Psaki recently confirmed during a press briefing that nothing much has changed regarding the President's take on legalizing marijuana. This means that we may have to wait a little bit longer before we can witness the Berlin wall's mighty fall.