South Carolina congresswoman to unveil federal marijuana legalization bill

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U.S. Rep. Nancy Mace, a Republican from South Carolina, on Monday plans to unveil a new bill, the States Reform Act, intended to legalize marijuana at the federal level.

Mace wrote on Twitter this week that she will share a draft of the bill during a media gathering in Washington DC.

“My States Reform Act will put states in the driver’s seat and codify cannabis reforms throughout the United States. Press conference Monday,” Mace wrote.

The announcement comes after Marijuana Moment reported last week that Mace was working on such a bill. The news led to a surge in stock prices for many publicly traded cannabis companies.

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Mace’s measure would reportedly remove marijuana from the list of federally controlled substances and create a new regulatory system, which would include a 3.75% excise tax.

Mace’s marijuana legalization bill will join several others that have already been introduced in Congress, including the MORE Act and the Cannabis Administration and Opportunity Act.