The industry has had a few banner years and 2021 was no exception. Connecticut, New Mexico, New Jersey, New York, and Virginia all legalized adult-use this year.
Although Congress did not pass a bill to legalize pot federally, there were some encouraging movements. The Safe Banking Act, which would give the industry easier access to the banking system and end the punitive tax code the industry is currently subject to, passed the House for the fifth time but it did not make it out of the Senate.
In July, Senate Majority Leader Chuck Schumer and his colleagues Senators Ron Wyden and Cory Booker released a proposed draft of their much-anticipated bill that would end America’s decades-long prohibition of cannabis. In October, freshman Congresswoman Nancy Mace, a Republican from South Carolina, formally introduced a bill that would also end the federal pot ban and it has garnered support from the industry. Mace’s bill is very business friendly with a proposed 3% tax rate and organizations as diverse as NORML and the Charles Koch-founded Americans for Prosperity are behind it.
– Read the entire article at Forbes.