This bill — the Marijuana Revenue and Regulation Act — would legalize marijuana by taking it off the list of controlled substance, in addition to imposing a 25% excise tax on recreational marijuana sales and letting states develop regulate marijuana as they do alcohol. The Controlled Substances Act would be amended to impose penalties for shipping or transporting marijuana into any state or jurisdiction where it is illegal. It’d also be illegal to sell more than one ounce of marijuana in a single retail transaction.
Industrial hemp and FDA-approved therapeutic items containing marijuana would be exempt from the excise tax, as would products used for research or nonconsumption. The transfer of marijuana products between production, import, and export facilities would be exempt from the tax and a credit or refund must be issued for products that are withdrawn from the market, lost, or destroyed.
Producers, importers, and exporters of marijuana products would be required to:
Obtain a permit and a bond covering tax liability from the Treasury Dept. prior to beginning operations;
Meet recordkeeping requirements;
Comply with certain policies and restrictions regarding packaging, labeling, and advertising.