The State Reform Act Might End Up Decriminalizing Cannabis On A Federal Level A Month After California Bill Boosts CBD Market
The Cannabis industry is keeping busy in 2021
U.S. Rep. Nancy Mace (R-S.C.) introduced the States Reform Act (SRA) on Nov. 15. The act aims to remove cannabis from the Controlled Substances Act (CSA), under which it remains a Schedule I drug. Provided this bill passes, cannabis will become legal under federal law but will remain under the authority of states to regulate or prohibit its use. This development shortens cannabis’s journey to normalcy and places it in a similar regulatory bracket as alcohol — if the act passes.
To add to the excitement, the SRA has arrived just a month after a new California bill, which legalized the sale of over-the-counter, hemp-derived cannabinoid (CBD) products.
The legalization of CBD in California should excite nearly every CBD advocate in the country. California’s economy reels in a total of $3 trillion annually. If it were a sovereign nation, California’s gross domestic product (GDP) would rank 5th in the world. The new California bill now places transparent regulatory requirements for CBD products in California, allowing retailers and wholesalers to confidently market their products and consumers to have more trust in what they’re buying.
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