Amazon backs House Republican bill that ends federal ban on cannabis
Sundry Photography/iStock Editorial via Getty Images



Amazon (NASDAQ:AMZN) is supporting a House Republican bill introduced in November that leaves cannabis reform up to states and removes it as a Schedule I substance.
The bill, the States Reform Act, is sponsored by Rep. Nancy Mace of South Carolina. It would allow regulation of cannabis in much the same way as alcohol and establish a minimum age of 21 for consumption of marijuana.

"There are three things that really bring people together âanimals, Britney Spears and cannabis," Mace told Forbes. "Those are the three things I've found that have struck a chord with the American people and that can bring people together at the dinner table â just like apple pie."
Mace's bill is viewed as more pro-business and pro-industry compared to legislation introduced by Democrats. For example, her bill proposes a 3% excise tax compared to a 10% tax in Senate Majority Leader Chuck Schumer's (D-N.Y.) bill.
Multi-state operators (MSOs): Trulieve (OTCQX:TCNNF), Cresco Labs (OTCQX:CRLBF), Green Thumb Industries (OTCQX:GTBIF), Curaleaf (OTCPK:CURLF), Verano Holdings (OTCQX:VRNOF), Acreage Holdings (OTCQX:ACRHF), and Jushi Holdings (OTCQX:JUSHF).
Check out why stock performance of MSOs this year may be impacted on whether Congress acts on banking and legalization legislation.