Green Thumb Industries Inc (GTBIF)

[RangerPete]

Cannabis Times, or Business. Can’t cut and paste on my current technology and it works, so why get more of what you couldn’t use.

[GE_Jim]

Got a link on that?

[RangerPete]

Eighty thousand dollar fine in NJ for not obeying the difference between medical and recreational MJ

Not cool.

[GE_Jim]

FYI - https://www.marijuanamoment.net/congressional-committee-will-vote-on-protecting-state-marijuana-programs-from-federal-interference-on-tuesday/

[GE_Jim]

Green Thumb: Undisputed Cash Flow Champion In Cannabis
Jun. 27, 2022 4:04 PM ETGreen Thumb Industries Inc. (GTBIF)AAWH, AMZN, AYRWF, CRLBF, CURLF, CVNA, SNOW, TCNNF, TRSSF, VRNOF23
Summary
Investors must look beyond stock prices to evaluate the quality of cannabis companies.
Cash flow is currently the single best indicator of financial health in cannabis.
Green Thumb is the cash flow king.

https://seekingalpha.com/article/4520585-green-thumb-is-the-undisputed-cash-flow-champion-in-cannabis?source=content_type%3Aall%7Cfirst_level_url%3Aportfolio%7Csection%3Aportfolio_content_unit%7Csection_asset%3Alatest%7Cline%3A1

[marathon man]

Never mind Jim I read another post of yours.

[marathon man]

What are your thoughts Jim?

[GE_Jim]

Worth noting, we are in a descending wedge and the rsi is at 22.

[RangerPete]

Agreed.

[GE_Jim]

Currently this company along with all others in this sector are caught in a political game being played out in congress. Once that issue of gamesmanship is completed, there will be a some serious open field running which I believe will show the true growth potential of the bigger players in this sector. This company will certainly be one of them.

[GE_Jim]

Illinois Awards $45M In Cannabis Tax-Funded Grants To Support Community Reinvestment
5:31 pm ET June 24, 2022 (Benzinga) Print
On Thursday, Illinois officials announced - through the Restore, Reinvest, and Renew (R3) program - the awarding of $45 million in grants funded by marijuana tax revenue to support community reinvestment in areas “hardest hit by the failed war on drugs,” reported Marijuana Moment on June 24.

The Reach Of Cannabis Tax Revenue: Illinois’s adult-use cannabis legalization law established the R3 Program. This is the second round of funding that’s being made available through the state.

llinois first announced that applications for this grant round were open in December 2021.

Illinois, by awarding this amount of grant money, will support 148 programs statewide operating on shoestring budgets in designated socioeconomically disadvantaged communities.

“A modern and equitable cannabis industry requires equity, opportunity, and a robust investment in righting the wrongs of the war on drugs,” Gov. J.B. Pritzker (D) said in a press release.

“That means investing in our underserved communities who’ve gone far too long without the funding and resources they need and deserve to heal and prosper.

“We’re proud to use cannabis revenue to directly support community-based organizations invested in creating opportunity,” he added.

The Grant Recipients: Illinois Criminal Justice Information Authority (ICJIA) received 512 completed submissions for R3 grants. Among the grant recipients are the Illinois Prison Project, Illinois Equity Staffing LLC, Lifehouse Recovery Organization, Resilience Partners NFP and Women in Need Recover, which received about $1.5 million each.

Those organizations that received grants through the initial R3 round - in January 2021 - would be able to renew their funding for another year to ensure they can continue to provide services in their communities.

“Illinois is showing what working to repair the damage that plagues our communities looks like by continuing to build the infrastructure that addresses decades of disinvestment, excessive incarceration, and trauma,” said Lt. Governor Juliana Stratton (D). “As a tool that connects communities to the resources they need in an equitable and sustainable way, R3 is at the core of our efforts to bring restorative and healing solutions to people and regions that have been unheard and underserved for far too long.”

What Does Illinois Recreational Marijuana Law Say About Social Justice? According to Illinois recreational marijuana law, 25% of tax revenue generated from cannabis sales must support communities that are in economic distress, experience high rates of violence, and have been disproportionately affected by the criminalization of drugs.

"The benefits of adult-use legalization are many: much-needed tax revenue, regulation to ensure safe products, criminal justice reforms to counteract the failed war on drugs, and an alternative to opioids and alcohol," Ben Kovler, CEO of Green Thumb Industries Inc (OTCQX: GTBIF) told Benzinga when Illinois became the 11th state to legalize recreational marijuana.

[fourdint]

Well, I can't figure why that is ... except .... so many piecemeal legislation but nothing. I still say it just better to remove from drug list which fixes all, but they tease with piecemeal bits that never happen. I know this is an on the ball company but it needs news, industry wide news.

[GE_Jim]

This morning the RSI is at a very over sold 21. I don't believe it can stay that low much longer.

[marathon man]

Climb act.... Boom

[GE_Jim]

Been adding all morning. Didn't get fully filled at 8.10. Changing my bid and see if I can get it a little lower.

[marathon man]

Getting close to 8. lol time to load.
I think RSI is 0 hahahahahaha.

[GE_Jim]

Well, some decent pick ups this morning.

[marathon man]

Sounds good Ranger ..... Can't wait to back up the truck. Gl

[RangerPete]

Couple hundred here. Couple hundred there. I’ll follow if down to eight. Then back up the truck.

[marathon man]

Ranger you still buying?

[marathon man]

Wow.... Something is going on with this stock.
Look at the volume compared to Tcnnf looks like somebody needs help here. I want to buy more but waiting to see if it drops again. Something is not right.

[marathon man]

Lol, I should read my writing before I post... I meant who the hell is selling.

[RangerPete]

Me

[marathon man]

Who the hell keeps buying shares?

[GE_Jim]

Well, guess I joined the crowd as well. Now let's see what Powell has to say.

[marathon man]

Hahahahahaha... I couldn't resist either... Down side another buck, upside 30?

[RangerPete]

At nine bucks and change I couldn’t resist

I feel like a thief.

Onward

[stockanalyze]

do you think there is any chance of safe banking to pass? would it be before mid terms? schumer looks like is even resisting to be in competes bill, not sure what he is thinking, there is zero chance of full fledged bill to pass as i read

[Cameo Brien]

Hopefully the keep the SS clean. That has been the downfall for many in the sector

[fourdint]

Considering price targets average of around $37 and recient buy/strong buy with targets $45-$50 ... potential 300% upside ... their MSO consistent growth, and many quarters of positive revenues (paving the way for rest of industry)... have to agree $11 does seems dang cheap!

[marathon man]

NY decision to insure Medical MJ is a game changer and bodes well for Gtbif.

[Cameo Brien]

Seems cheap

[marathon man]

Looks like MMs have been pushing retail around.... That's going end. I'm in let the good times roll. Lol

[marathon man]

This is an unbelievable price..... What's the rationale for destroying the stock price? Well I wish would have bought some today but wasn't paying attention to this ticker.. I think I'll still get a great price on Monday. Wow

[fourdint]

Wish I was in green lhere, but long way from $29. I too am green in another though, I just have biger chunk here because GTBIF has a great foundation! Great company doing it right!

[nunaka]

GTBIF... My only pot stock still in the green.

[fourdint]

Well, I would call that fantastic actually ... however. I cant get a grip on why the stock price keeps tumbling. ...lost 60% book but still not willing to sell ... guess thats faith!

[Ultimate Weapon]

Any expectation that SP will reflect Earnings guys ?

[FUNMAN]

This is great news

[GE_Jim]

This bears repeating. Going into this qt I was concerned what effect inflation and pricing would have on the numbers. EBITDA is very good. with all considered.

This was a very solid qt.

"EBITDA for the first quarter 2022 was $77.5 million or 32% of revenue compared to $66.5 million or 34% of revenue for the same period in the prior year. Adjusted Operating EBITDA, which excluded non-cash stock-based compensation of $4.7 million and $15.2 million of other non-operating income, was $67.0 million or 28% of revenue as compared to $71.4 million or 37% of revenue in the comparable period. The decrease in Adjusted Operating EBITDA largely reflected inflation on raw material inputs and additional compensation for talent throughout the organization. The Company continues to invest in its infrastructure to prepare for future demand in key markets. The decrease also reflected pricing headwinds in Pennsylvania, Nevada and Massachusetts "

[GE_Jim]

It's what we need - Green Thumb Industries Profit Nearly Triples, Powering Past Estimate -- MarketWatch
4:13 pm ET May 4, 2022 (MarketWatch)
Print
Green Thumb Industries Inc. said Wednesday its first-quarter earnings rose to $28.9 million or 12 cents a share, from $10.4 million, or 5 cents a share in the year-ago quarter. Revenue at the cannabis company increased 25% to $242.6 million from $194.4 million in the year-ago period as it opened 20 new stores and ended the quarter with 76 retail stores. Wall Street analysts expected Green Thumb Industries to earn 6 cents a share on revenue of $237.6 million, according to FactSet data. Green Thumb said the three months ended March 31st marked its seventh consecutive quarter of positive net income. "As I have said before, growth is not linear and there will be quarter-to-quarter fluctuations depending on when new markets open to adult-use sales as well as the timing of our infrastructure investments," CEO Ben Kovler said. Shares of Green Thumb Industries are down 41.6% in 2022, compared to a decline of 41.7% percent by the AdvisorShares Pure US Cannabis ETF (MSOS) and a drop of 17.1% by the Nasdaq .

[GE_Jim]

I'll take it! - Green Thumb Industries Reports First Quarter 2022 Financial Results
MAY 4, 2022
CHICAGO and VANCOUVER, British Columbia, May 04, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries, today reported its financial results for the first quarter ended March 31, 2022. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.

Highlights for the first quarter ended March 31, 2022:

Revenue increased 25% year-over-year to $243 million, flat compared to the fourth quarter of 2021
Seventh consecutive quarter of positive GAAP net income, delivering $29 million or $0.12 per basic and diluted share
Adjusted Operating EBITDA was $67 million or 28% of revenue
Ninth consecutive quarter of positive cash flow from operations, generating $55 million in the first quarter
Cash at quarter end totaled $175 million
Subsequent to quarter end, New Jersey’s Cannabis Regulatory Commission approved seven medical marijuana operators, including Green Thumb, to begin selling adult-use cannabis on April 21; RISE Bloomfield and RISE Paterson were among the first stores to begin adult-use sales on Day One.
See definitions and reconciliation of non-GAAP measures elsewhere in this release.

Management Commentary

“Our team delivered solid first quarter results with revenue increasing 25% over the prior year quarter. We generated our seventh consecutive quarter of positive net income of $29 million, or $0.12 per share, and Adjusted Operating EBITDA of $67 million. For the ninth consecutive quarter, we delivered positive cash flow from operations, which was $55 million in the first quarter,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “We continue to have strong conviction in our core thesis and given the opportunity ahead, we will invest in markets where we know demand is coming. As I have said before, growth is not linear and there will be quarter-to-quarter fluctuations depending on when new markets open to adult-use sales as well as the timing of our infrastructure investments. Our preparations in New Jersey positioned us well for demand on Day One, and we feel confident in our playbook for future adult-use transitions.”

“We believe that all our markets will eventually open to adult-use sales—we don’t know exactly when—but we do know that Americans are choosing cannabis for well-being and our trusted family of brands are well-positioned for the future. There is tremendous opportunity in this Great American Growth story, and we believe that the approximately $25 billion legal U.S. cannabis market will have significant growth over the next decade,” concluded Kovler.

First Quarter 2022 Financial Review

Total revenue increased 25% to $242.6 million from $194.4 million in the prior year period, driven by contributions from both the Retail and Consumer Packaged Goods businesses. On a sequential basis, revenue was essentially flat compared to $243.6 million in the fourth quarter 2021. Year-over-year revenue growth was driven by expanded distribution of Green Thumb’s branded products, 20 new stores and increased traffic in the Company’s 76 retail stores open and operating at quarter end.

All 15 of Green Thumb’s state markets contributed to first quarter revenue: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Minnesota, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia. The Company also continued to invest in the expansion of its cultivation and manufacturing capabilities across its footprint.

Gross profit for the first quarter 2022 was $122.9 million or 51% of revenue compared to $110.9 million or 57% of revenue for the comparable period.

Total selling, general and administrative expenses for the first quarter were $68.4 million or 28% of revenue, compared to $59.3 million or 31% of revenue for the first quarter 2021. Improved operating costs as a percentage of revenue reflected increased operating leverage.

Net income attributable to the Company for the first quarter 2022 was $28.9 million or $0.12 per basic and diluted share, compared to net income of $10.4 million, or $0.05 per basic and diluted share in the prior year.

EBITDA for the first quarter 2022 was $77.5 million or 32% of revenue compared to $66.5 million or 34% of revenue for the same period in the prior year. Adjusted Operating EBITDA, which excluded non-cash stock-based compensation of $4.7 million and $15.2 million of other non-operating income, was $67.0 million or 28% of revenue as compared to $71.4 million or 37% of revenue in the comparable period. The decrease in Adjusted Operating EBITDA largely reflected inflation on raw material inputs and additional compensation for talent throughout the organization. The Company continues to invest in its infrastructure to prepare for future demand in key markets. The decrease also reflected pricing headwinds in Pennsylvania, Nevada and Massachusetts.

For additional information on these non-GAAP financial measures, see below under “Non-GAAP Financial Information.”

[GE_Jim]

Currently the RSI is 24.19 {very oversold} . It also has 5 weeks in a row down trend on LESS than avg volume.

[GE_Jim]

FYI - https://investorplace.com/2022/04/3-undervalued-marijuana-stocks-to-buy-before-they-heat-up/

[GE_Jim]

Reminder - Green Thumb Industries to Hold First Quarter 2022 Earnings Conference Call on May 4, 2022
MARCH 30, 2022
CHICAGO and VANCOUVER, British Columbia, March 30, 2022 (GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RYTHM, Dogwalkers and incredibles branded cannabis products, today announced it will hold a conference call on Wednesday, May 4, 2022, at 5:00 p.m. ET following the release of its first quarter 2022 financial results.

[FUNMAN]

Proxy Statement

https://d18rn0p25nwr6d.cloudfront.net/CIK-0001795139/88d189f6-8406-419a-affd-92ec04f66477.pdf

[jonny_red]

Price Levels for Top Cannabis Stock Green Thumb Industries, Stock GTBIF.

#GTBIG $GTBIF

YouTube Link:

[GE_Jim]

FYI - https://www.marijuanamoment.net/pennsylvania-house-lawmakers-file-marijuana-banking-and-tax-reform-bill-after-senate-passes-its-version/

[FUNMAN]

Green Thumb Industries Announces Second Round of Good Green Grant Recipients

APRIL 27, 2022

CHICAGO and VANCOUVER, British Columbia, April 27, 2022

(GLOBE NEWSWIRE) -- Green Thumb Industries Inc. (Green Thumb) (CSE: GTII) (OTCQX: GTBIF), a leading national cannabis consumer packaged goods company and owner of RISE dispensaries, today announced the second group of nonprofit organizations to receive funding as part of its Good Green Grant Program.

“We are proud to partner with five more nonprofit organizations on their mission to create meaningful change in local communities and correct the social and economic injustices created by cannabis prohibition,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “The Good Green movement is committed to re-directing resources to organizations expanding access and opportunities for communities and individuals impacted by the failed War on Drugs. Bit by bit, we can deliver lasting, positive change in the communities that we serve.”

First launched in the fall of 2021, Good Green offers high-quality and affordable popcorn flower products. Sales from Good Green products fund grants awarded to nonprofit organizations that give back to communities disproportionately affected by the War on Drugs. Each organization selected encompasses one or more of Good Green’s three core pillars: education, employment and expungement. The five organizations will receive unrestricted grants of $60,000 that will advance each organization’s mission and objectives. Good Green’s second round of beneficiaries include:

• Ex-Cons for Community and Social Change : Ex-Cons for Community and Social Change is a Chicago-based organization linking communities to programs and resources to change the dynamic of trauma within communities by reducing recidivism.
“It’s amazing to receive this generous grant from the team at Good Green which will aid our efforts in continuing to engage with communities in Chicago through re-entry programs and critical resources often underfunded by the state.” – Tyrone F. Muhammad, Executive Director

• Growing Home : Growing Home uses their organic urban farm in Englewood to provide paid workforce development and agricultural training for formerly incarcerated individuals and other community members in Chicago facing barriers to employment. The organization also helps trainees access legal, medical, childcare and housing services to facilitate the re-entry process, alongside providing organic healthy food at affordable prices in their community.

“Growing Home is extremely grateful to partner with Good Green to create an even greater impact in Chicago. This grant will allow us to serve over 80 participants in our workforce development programs this year, many of whom have been impacted by the War on Drugs.” – Janelle St. John, Executive Director

• Greyston Foundation : Based in Yonkers, New York, The Greyston Foundation aims to unlock the power of human potential through inclusive employment opportunities. In the past three years, The Greyston Employment Opportunity Center (GEOC) has provided training and education programs, youth services, and transitional employment services to over 5,000 individuals who have faced barriers to meaningful employment.
“Good Green’s grant allows our organization to advocate for Open Hiring® and more inclusive employment practices on a national scale to create more job opportunities for those with employment barriers. Greyston Bakery has a 40-year track record of unlocking human potential through Open Hiring®. We want other businesses to replicate this innovative approach to finding great employees.” – Joseph D. Kenner, President and CEO

• i.c.stars : Over the past 23 years, i.c.stars has provided coding, business and leadership training to help promising adults in Chicago and Milwaukee secure high-growth jobs in the technology industry. The four-month program trains talented, under-resourced young adults including those who are formerly incarcerated or who have been affected by the War on Drugs, and has a 90 percent job placement rate.
“We are honored to work with Good Green to help create opportunities in the tech sector for individuals facing barriers. Thank you for being a partner in our work.”
– Sandee Kastrul, President and CEO

• TakeRoot Justice : TakeRoot Justice provides legal research and policy support to grassroots and community-based groups in New York City working to dismantle racial, economic and social oppression. The organization formed HAPPEN, a dedicated social justice program in 2016, to increase police accountability, combat discriminatory policing and support community-led campaigns for safety.

"Thank you to Good Green for selecting TakeRoot Justice as a grant recipient. This grant will enable us to grow our work with marginalized New Yorkers organizing to stabilize their communities and vision their own futures." – Sadia Rahman, Interim Co-Director

Good Green is committed to bringing responsible consumers and change-making organizations together to create real, lasting progress against the War on Drugs. The brand’s current product offerings, including indica, sativa and hybrid popcorn flower, are available in Illinois, Maryland, Massachusetts, New Jersey, Pennsylvania and Virginia.

The Good Green Grant Program’s third round of applications will open to local 501(c)3 organizations on June 1, 2022 through August 19. For more information on Good Green’s nonprofit application process, winners and product, please visit www.good.green.

About Green Thumb Industries:

Green Thumb Industries Inc. (“Green Thumb”), a national cannabis consumer packaged goods company and retailer, promotes well-being through the power of cannabis while giving back to the communities in which it serves. Green Thumb manufactures and distributes a portfolio of branded cannabis products including Beboe, Dogwalkers, Doctor Solomon’s, Good Green, incredibles and RYTHM. The company also owns and operates rapidly growing national retail cannabis stores called RISE. Headquartered in Chicago, Illinois, Green Thumb has 17 manufacturing facilities, 77 open retail locations and operations across 15 U.S. markets. Established in 2014, Green Thumb employs approximately 3,800 people and serves millions of patients and customers each year. The company was named to Crain’s Fast 50 list in 2021 and a Best Workplace by MG Retailer magazine in 2018, 2019 and 2021. More information is available at www.GTIgrows.com.

[FUNMAN]

Green Thumb's PPS suffers as Dems stumble--->>>POLITICS - Schumer’s Marijuana Legalization Bill Not Coming This Month, As Senators Work To Finalize Provisions

Published 15 hours ago on April 14, 2022

https://www.marijuanamoment.net/schumers-marijuana-legalization-bill-not-coming-this-month-as-senators-work-to-finalize-provisions/

The long-anticipated Senate bill to federally legalize marijuana will not be introduced this month, with Democratic leadership saying on Thursday that the timeline is being extended as they continue to work out various provisions “with the assistance of nearly a dozen Senate committees and input from numerous federal agencies.”

Senate Majority Leader Chuck Schumer (D-NY) has said on several occasions that the bill he’s been working on with Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) for many months would be formally filed by the end of April. That’s no longer the case, with the leader now saying the “official introduction” will take place sometime “before the August recess.”

A discussion draft of the Cannabis Administration & Opportunity Act (CAOA) was first unveiled last year, and advocates and stakeholders have been hanging on the leader’s words as they continue to push for an end to federal prohibition. Most recently, Schumer said last week that he and colleagues were in the process of reaching out to Republican senators to “see what they want” included in the legislation.

The timeline that Schumer previewed has apparently proved too ambitious—but the hope is that by taking extra time to finalize the measure, it will help the senators overcome what are currently significant odds stacked against them to reach a high vote threshold in the chamber, where Democrats hold just a slim majority and several members of the party have indicated that they’re not supportive of legalization.

CAOA is is “critical legislation that will finally put an end to the federal prohibition on cannabis and address the over-criminalization of cannabis in a comprehensive and meaningful way,” Schumer said in a press release. “I am proud of the progress made in bringing this vital bill closer to its official introduction before the August recess, and I want to thank the committee chairs who have worked with us and remained committed to addressing this issue.”

“CAOA will not only remove cannabis from the federal list of controlled substances, but also help repair our criminal justice system, ensure restorative justice, protect public health, and implement responsible taxes and regulations,” he said.

In the process of finalizing key provisions, working to build consensus with committee leadership and GOP members, the Senate sponsors detailed “key policies” of the bill that are being taken into consideration, including some that advocates would support that weren’t included in the discussion draft such as removing or scaling back drug testing for cannabis for certain federal workers.

Here’s a list of those policy areas that are being looked at as the senators continue to work the bill:

• Removing unnecessary federal employee pre-employment and random drug testing for cannabis, while preserving appropriate drug testing in transportation-related fields, other sensitive areas of employment, and investigations of accidents and unsafe practices.

• Specifying membership and duties of the Cannabis Products Advisory Committee, an entity created in the legislation which FDA would convene and consult before promulgating regulations.

• Clarifying market competition rules meant to protect independent retailers and prevent anti-competitive behavior, to ensure that those rules do not unintentionally undermine state programs that provide access to capital for social equity businesses.

• Broad review of agricultural and environmental laws applicable to cannabis, and working to ensure that appropriate environmental protections apply to cannabis production.

• Ensuring worker protections for those employed in the cannabis industry.

• Ensuring regulatory bodies and law enforcement have the resources and tools they need to protect the integrity of the legal cannabis marketplace.

• Strengthening cannabis business protections and opportunities under Small Business Administration programs.

• Clarifying the relationship between state governments and Indian tribal governments with respect to cannabis.

• Broad review of existing law to cannabis throughout the government, and developing a variety of additional policies to ensure consistent and appropriate treatment of cannabis.

“The federal cannabis ban is a senseless and failed relic that’s needlessly destroyed lives, stifled research and treated job-generating legal small businesses in Oregon and other states like criminal organizations,” Wyden said. “This outdated prohibition is long overdue for an end. And introducing final legislation as early as possible requires committees to continue their diligent work, and agencies to provide prompt analysis.”

“Simply put, final text of this urgently needed legislation must be released well before the August recess to continue building momentum for cannabis reform,” he said.

Booker, for his part, said that as more and more states move to legalize cannabis, “Congress must enact comprehensive cannabis reform that will deliver restorative justice to communities to undo the harms of America’s failed drug policies.”

“After months of substantive progress we are close to finalizing a bill that reflects common sense drug policy and delivers long overdue justice,” the senator said.

This development comes weeks after the U.S. House of Representatives approved a separate bill to federally legalize marijuana and promote social equity, the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act from Judiciary Committee Jerrold Nadler (D-NY).

The largely partisan vote on that legislation, which saw only three Republicans vote in favor of passage, speaks to the challenges that a similar Senate bill might face, especially in the draft version released last year.

Meanwhile, several Republican members of Congress introduced a bill last November to federally legalize and tax marijuana as an alternative to far-reaching Democratic-led reform proposals and scaled-down GOP cannabis descheduling legislation. The sponsor of that bill, Rep. Nancy Mace (R-SC), said she expects a committee hearing on her proposal.

On Thursday, a bipartisan group of congressional lawmakers filed a bill that would simply direct the attorney general to create a commission charged with making recommendations on a regulatory system for marijuana that models what’s currently in place for alcohol.

Reps. Dave Joyce (R-OH), Hakeem Jeffries (D-NY) and Brian Mast (R-FL) are teaming up on what’s titled the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act (PREPARE) Act—an incremental reform meant to inform comprehensive cannabis policy changes in the future.