All eyes are on the United States (US) Senate after the House of Representatives voted in favor of the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act.

Although we hope the legislation would be approved by the Senate, we have our doubts on the probability of that happening. We believe Senate Majority Leader Chuck Schumer (Democrat-New York) is the biggest obstacle in the Senate which is surprising due to how he has publicly supported the legalization of cannabis.

At this point, you may be wondering why the pro-cannabis Senate Majority Leader is not in wfavor of the MORE Act and the answer is more simple than expected…he is pushing his own agenda for legal cannabis in the US.

For thousands of years, members of any type of government (historically and currently) have fought to gain power and influence through strategic maneuvers or bloodshed. We are of the opinion that Senate Majority Leader Schumer wants the credit for legalizing cannabis as a way to gain influence and possibly run for President in the future.

Earlier this week, Senate Majority Leader Schumer reported reaching out to Republican senators to determine what they want to be included in a bill to federally legalize cannabis. Later this month, he plans to introduce the Cannabis Administration & Opportunity Act (CAOA) after initially unveiling a draft of the legislation in 2021.

Although we do not know what the Republican party would want to be included in the CAOA, the legislation is similar to the MORE Act which only received three Republican votes when the House of Representatives voted on it. The Democrats have a slim majority in the Senate and the party will need a few Republican Senators to vote in favor of pro-cannabis legislation to have any chance of passing.

Cannabis investors have been waiting for legislation to advance in the US and the delay has put considerable pressure on the sector. The cannabis legalization process has faced more roadblocks than expected after Joe Biden was elected President and the Democrats gained control of the House and the Senate.

We believe the fate of the cannabis industry rests in the hands of the US government and consider the legalization or decriminalization of cannabis to be the most significant potential catalyst for the entire sector.

If you are interested in learning more about cannabis legislation in the US, please send an email to support@technical420.com with the subject “US Cannabis Legislation” to be added to our distribution list.

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Authored By

Michael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.