Schumer proposes federal decriminalization of marijuana

Senate Majority Leader Chuck Schumer (DN.Y.), Senator Cory Booker (DN.J.) and Senator Ron Wyden (D-Ore.) Unveiled law Project Wednesday to decriminalize marijuana at the federal level.

Why is this important: While the legislation faces a strong 50-50 Senate chance, it is a milestone for marijuana activists and a sign of the advancement of the criminal justice and war on drugs debate.

Stay on top of the latest market trends and economic information with Axios Markets. Subscribe for free

Details: The bill, called the Cannabis Administration and Opportunity Act, would remove the drug from the Controlled Substances Act and impose a federal tax on marijuana products, according to Moment Marijuana.

  • The tax revenues would be used to fund grant programs for the communities most affected by the marijuana lawsuits. The regulation of marijuana would be transferred from the Drug Enforcement Administration to the Food and Drug Administration and other agencies.

  • States would still be allowed to make their own marijuana laws, but businesses and individuals in states that legalized it would be allowed to sell and consume marijuana without the risk of federal sanction.

  • The bill would also require federal districts to write off non-violent marijuana-related arrests and convictions within one year.

Between the lines: Removing marijuana from the list of controlled substances “would remove the most difficult regulatory burdens on American marijuana companies, allowing them to benefit from tax deductions, hold bank accounts and loans, and list on such exchanges. than the Nasdaq and the NYSE ”, Bloomberg reports.

What they say : “For decades, young men and women – disproportionately young black and Hispanic men and women, have been arrested and jailed for carrying even a small amount of marijuana in their pockets,” Schumer told the Senate Wednesday.

What to watch: The House voted overwhelmingly to decriminalize marijuana last year and reintroduced a bill in May. Any weed legislation will likely face a difficult path in the Senate, where Republicans have voiced opposition and some moderate Democrats may be skeptical. President Biden did not approve the bill.

Go further: Advocates and Democrats plan to push for major fundraising reform

Like this article ? Get more Axios and subscribe for free to Axios Markets.

About Hubert Lee

Check Also

VA Loan Program Empowering Veteran Women of Color, Even in a Tough Housing Market

SAN ANTONIO – Marisol Deck met the love of her life in the Air Force. …

Leave a Reply

Your email address will not be published.