Chuck Schumer Or Nancy Mace: Whose Cannabis Legalization Bill & Which Candidates Are The Largest Weed Companies Supporting?

Zinger Key Points
  • Leaders of some of biggest cannabis companies are putting their money on the South Carolina Republican.
  • Historical differences between the two parties stand out in their respective cannabis reform bills.

Federal cannabis reform will be created in the image and likeness of whichever political party is in office when it finally happens.

And don’t we know it? In fact, last week Bill Maher bemoaned that "Republicans are going to steal the issue, I think eventually." The Real Time talk show host, who was speaking with former attorney General Eric Holder, is probably right.

Why? 

Republicans, with their keep taxes low and government regulation to a minimum approach, might be better equipped psychologically and practically to legalize cannabis, their conservative Christian wing notwithstanding.

Whereas the Dems are more disposed to taxes, regulations and, to their credit, a strong emphasis on social equity and justice as seen by an across-the-board push for expungement, their prohibitionist President notwithstanding.

Also Read: Oregon Becomes First State In Nation To Ban Synthetic Cannabis Products: Delta 8 THC Is Out Starting In July

How Do We Know This?
Just take a look at the two major cannabis reform proposals – one from each party - that have been circulating in and out of the halls of Congress as well as state legislatures. 

Senate Majority leader Chuck Schumer along with Sens. Cory Booker and Ron Wyden launched their Cannabis Administration and Opportunity Act (CAOA), which will, we’re told, be introduced in August after several false starts. 

Then there’s Rep. Nancy Mace’s (R-SC) States Reform Act (SRA), which when introduced in 2021 was warmly greeted. 

Both bills would remove cannabis from the Controlled Substances Act, thus legalizing it federally...a good start. Many in the industry concur that the Dems' CAOA leans more toward social justice and therefore enjoys support from the Marijuana Justice Coalition, which includes the ACLU and Human Rights Watch.

Mace’s SRA is more big-business centered and enjoys the backing of the Cannabis Freedom Alliance, which includes the Koch-funded group Americans for Prosperity.

So, whose legalization bill and by extension which congressional candidates are executives of the U.S.'s highest-valued cannabis companies supporting? 

If you guessed Nancy Mace, go to the head of the class. 

Cannabis Wire did some digging into the Congressional campaign contributions made by executives of the following multistate operators: 

Ascend Wellness AAWH 

Ayr Wellness AYR AYRWF 

Canopy Growth CGC 

Columbia Care  CCHWF 

Cresco Labs CL CRLBF 

Curaleaf Holdings CURA CURLF 

Green Thumb Industries GTBIF GTII 

TerrAscend TRSSF 

Trulieve OTCQX: TCNNF) TRUL 

Verano Holdings VRNOF

Of these companies, six CEOs made a campaign contribution in 2022. Four of them gave to Mace alone. One gave to Mace and to Gary Chambers, a Democrat from Louisiana who is running for Senate. And one gave only to Chambers, who made headlines in January when he smoked a joint in one of his campaign ads.

So yeah, Bill Maher might have a point.

Posted In: Bill MaherCannabis Administration and Opportunity ActCannabis WireChuck SchumerCory BookerEric HolderNancy MaceRon WydenStates Reform ActCannabisGovernmentNewsPenny StocksRegulationsPoliticsSmall CapLegalMarketsGeneral

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