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American Cannabis Partners Watching Progress of Cannabis SRA Bill in Congress
March 30, 2022

American Cannabis Partners Watching Progress of Cannabis SRA Bill in Congress

  • Easing federal regulations on cannabis will benefit cannabis companies
  • Republican congresswoman says she has received assurances that her proposed cannabis bill will receive a hearing
  • ACP operates in two states where cannabis is legal and is exploring expansion opportunities in additional states

Despite the House and Senate being controlled by the Democrats, Nancy Mace, a Republican representative from South Carolina, has said her proposed cannabis bill will get a hearing (https://ibn.fm/VWivR). Easing federal regulations on the substance, which Mace’s bill is designed to do, will benefit cannabis companies, including American Cannabis Partners (“ACP”), that are currently operating in states with legalized medical and recreational cannabis use. 

“As advocates push for congressional action on Democratic-led marijuana legalization bills in the House and Senate, a Republican congresswoman who’s championing an alternative reform measure says she has received assurances that there will be a hearing on her proposal even as a minority member of the chamber,” reported a “Marijuana Moment” article released earlier this month. “She also said that recent internal polling she’s done for her reelection campaign shows voters in her district are on her side when it comes to cannabis even as her primary election challenger and her own state party attack her reform efforts.”

In the article, the status and anticipated progress of Mace’s States Reform Act (“SRA”) was discussed. “There was earlier reporting about Mace receiving assurances that Democratic leaders would hold a hearing on her bill,” the article stated. “But when asked whether that was contingent on a yes vote for a separate legalization bill—House Judiciary Committee Chairman Jerrold Nadler’s (D-NY) Marijuana Opportunity, Expungement and Reinvestment (‘MORE’) Act—the congresswoman said there was ‘no quid pro quo.’

“‘Personally, I want to respect the process, and MORE is going to come up again and let Democrats do the MORE Act. It’ll die in the Senate,’ she said. ‘And so when that’s done, we will do our hearing, and there was nothing done in exchange for it. I just made the ask, and we’re making it happen,’” the article quoted. “The congresswoman didn’t say when exactly she expects the hearing on her proposal, but it appears she expects it to happen sometime after a possible House floor vote on the MORE Act. Drug policy and civil rights groups sent a letter this week urging House leaders to schedule that vote to happen sometime this month.”

The activity on the hill, while slow, appears to be movement in the right direction. Currently the use, sale and possession of cannabis with more than 0.3% THC is prohibited under the federal Controlled Substances Act of 1970, although a majority of states have taken the legalization of cannabis into their own hands. Currently cannabis use is legal for adults in 18 states and Washington, DC, with medical marijuana being legal in 38 states and DC (https://ibn.fm/7Ey0e).

Cannabis companies around the country are watching this momentum closely, including American Cannabis Partners, which operates in Michigan and California. ACP is also in the process of exploring land acquisition and project development strategies for expanding operations to additional states. 

The company is focused on three business segments: real estate, acquisition and development of proprietary assets, and ongoing cultivation operations. Led by a seasoned management team with more than three decades of canna-business experience, ACP is guided by its strategy to capture opportunities in real estate and licensing in states that have recently passed cannabis legalization legislation, thereby equipping the company to capitalize on federal interstate commerce opportunities.

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://ibn.fm/ACP

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