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Hemp, Inc. Reports: Draft Legislation on Cannabis Reform Creates Surge in Cannabis Stocks
Hemp, Inc. Reports: Draft Legislation on Cannabis Reform Creates Surge in Cannabis Stocks.
About this update from Hemp, Inc.
[{"type":"text","content":"\n Las Vegas, NV, Nov. 15, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp, Inc. (OTC PINK: HEMP), one of the global leaders on the forefront of the industrial hemp industry, reports on the recent surge of cannabis stocks after news of a draft bill, known as the States Reform Act, that is set to legalize and tax marijuana.  This news created a surge in the majority of cannabis stocks on Friday, November 12, 2021 with Hemp, Inc.’s stock surging by 13.79 percent. Over 80 million shares were traded, which is a significant increase over its impressive daily trading volume of 50 million shares. According to news sources, Rep. Nancy Mace (R-SC) is leading the preliminary marijuana bill (still being circulated for feedback) and hopes to have a final version officially filed later this month. This is a huge development in the marijuana industry making this a very active year on the Hill for cannabis reform. “Republican buy in could prove critical to getting something over the finish line, and the Mace measure seems aimed at appealing to the states’ rights and business interests of conservative colleagues on her side of the aisle while also incorporating some restorative justice and tax elements largely favored by progressives,” cited the source. See a partial summary of the legislation below (source):  Cannabis would be federally de-scheduled and treated in a manner similar to alcohol. A 3.75 percent excise tax would be imposed on cannabis sales. Revenue would support grant programs for community reentry, law enforcement and Small Business Administration (SBA) aid for newly licensed businesses. The Treasury Department’s Alcohol and Tobacco Tax and Trade Bureau (TTB) would be the chief regulator for marijuana with respect to interstate commerce. The Food and Drug Administration (FDA) would be limited in its regulatory authority, with the intent being that it would have no more control over cannabis than it does for alcohol except when it comes to medical cannabis. The agency could prescribe serving sizes, certify designated state medical cannabis products and approve and regulate pharmaceuticals derived from marijuana, but could not ban the use of cannabis or its derivatives in non-drug applications, like in designated state medical cannabis ...