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Yesterday, legal cannabis legislation in the United States (US) is expected a topic of conversation after members of the Senate plan to release a draft of a bill that would legalize cannabis at the federal level.
Senate Majority Leader Chuck Schumer (New York democrat), Senate Finance Committee Chairman Ron Wyden (Oregon democrat) and Sen. Cory Booker (New Jersey democrat), held a press conference and unveil a preliminary version of the Cannabis Administration and Opportunity Act. The purpose of the draft is meant to spark conversation and to provide information on what will be a formal introduction of the bill later this year.
Earlier this year, Schumer, Wyden and Booker, first announced that legal cannabis legislation would be ready “in the early part of this year. The lack of action so far has been tough for cannabis advocates, and we are glad to see that there is a plan to pass such legislation.
The legislation is expected to be more significant than just ending the prohibition of cannabis. The bill is expected to ensure restorative justice, public health and implement responsible taxes and regulations.
Earlier this year, the trio of senators met with from a variety of advocacy groups to receive feedback on what would be considered the best approach to cannabis reform. We are favorable on the input the senators have received and expect the amount of research that has been conducted to better the chances of the legislation being passed.
In March, Senate Majority Leader Schumer said the legislation would try to prevent large alcohol and tobacco companies from overtaking the industry and would prioritize small businesses with an emphasis on companies that are owned by people who are from communities that have been most impacted by prohibition.
The press conference will take place a few months after legislation to federally legalize marijuana and promote social equity in the industry was reintroduced in the House of Representatives. The legislation was sponsored by Judiciary Committee Chairman Jerrold Nadler (New York democrat) and was filed with a number of changes when compared to the version that was approved by the chamber in 2020.
We believe the US cannabis industry is reaching an inflection point and are bullish on the long-term growth prospects that are associated with it. If you are interested in learning more about the US cannabis industry, please send an email to support@technical420.com with the subject “US Cannabis Industry” to be added to our distribution list.
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