For the past couple of years, the cannabis industry in the United States has been slowly but surely gathering steam. More than 30 states have legalized marijuana for either medical or recreational use, with the state-legal cannabis industry employing thousands of Americans and providing states with millions of dollars in much-needed tax revenue. However, cannabis advocates have always had their eyes on legislation that would decriminalize the controversial drug at the federal level, and with Democrats controlling the Senate, House and White House, their dream may soon become a reality.
According to Marijuana Moment, a key chairperson may be planning to reintroduce a bill that would legalize cannabis at the federal level as well as promote social equity in the House as early as this week. This version of the legislation will contain at least two major changes compared to the previous version.
Jerrold Nadler, the House Judiciary Committee chair sponsored the Marijuana Opportunity, Reinvestment, and Expungement (“MORE”) Act, a bill that would federally deschedule marijuana and expunge the records of individuals with prior cannabis convictions. The bill cleared the House late last year in a historic vote, although it stood little chance in the then Republican-controlled Senate and failed to advance.
However, sources close to the issue say the MORE Act may be refiled as soon as this week with Nadler planning to introduce the revised legislation before Congress breaks for Memorial Day recess. A provision that was added before the House floor vote in December that would have prevented individuals with prior cannabis convictions from opening and running cannabis businesses will not be included. This version of the legislation will have significant social equity provisions as well as language that extends to the Small Business Administration (“SBA”), providing individuals with loans, job training, and financial literacy programs, among others.
Consequently, individuals from communities that were unjustly persecuted due to the decades-long war on drugs will be able to conduct business in other industries, not just the nascent cannabis sector. The United States has treated cannabis as a criminal matter rather than a public health issue, Nadler said two months ago when he first announced that he intended to reintroduce the MORE Act. Not only have communities of color been victims of cannabis arrests, prosecutions, and incarceration at a higher rate when compared to their white counterparts, he said, but anti-cannabis policies have also cost the country quite a lot.
Over in the Senate, Majority Leader Chuck Schumer, Senator Cory Booker and Senate Finance Chairman Ron Wyden have been working on a cannabis reform bill that will be introduced to the Senate soon.
If this bill is eventually passed into law, the entire cannabis sector, including actors such as Gage Growth Corp. (CSE: GAGE) (d.b.a. Gage Cannabis), will be relieved that the regulatory complications they face are becoming streamlined.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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