Marijuana advocates around the country may have a reason to rejoice today. For the first time ever a trio of senators plan to announce a federal medical marijuana bill. The proposal will be announced during a press conference today at 12:30 p.m.
The Senators that are introducing the bill are Republican Rand Paul (Ky.), Democrat Cory Booker (N.J.), and Democrat Kirsten Gillibrand (N.Y.). The bill would effectively end the federal ban on medical marijuana and implement a series of reforms, something that advocates have been hoping for. Some of the provisions in the bill include:
- Downgrading marijuana’s status with the Drug Enforcement Agency from Schedule 1 substance to Schedule 2 substance.
- Allowing doctors to recommend marijuana to veterans who qualify for it.
- Expanding access to researchers so they can study the medical benefits associated with cannabis, and
- Making it easier for banks to provide services to cannabis businesses
“This is a significant step forward when it comes to reforming marijuana laws at the federal level,” Dan Riffle, director of federal policies for the Marijuana Policy Project, said in a statement. “It’s long past time to end the federal ban,” said Michael Collins, policy manager for the Drug Policy Alliance, said in a statement. Both describe the introduction of the bill as a first for the Senate.
Major catalyst for the cannabis industry
Technical420 is very excited about this news and what it can do for the cannabis industry. Two of the biggest catalysts for the cannabis industry are the rescheduling of marijuana and Treasury reform, both of which occur under this bill.
If this bill is passed it would be a major catalyst for the cannabis industry. Businesses will no longer be an all cash businesses which makes them less of a target to criminals. Also, researchers will be able to start studying the medical benefits associated with cannabis, which will shorten the FDA approval process and improve daily life for thousands of people around the country.
Technical420 hopes that this bill makes it through the Senate and the House of Representatives without much pushback, but that is highly unlikely. Potential Republican presidential candidates, Senator Ted Cruz (R-Texas) and former Florida Governor Jeb Bush (R) have said they support states’ rights to legalize pot, though they themselves disagree with the policy.
This is a big day for the cannabis industry. If the bill moves forward Technical420 expects to see a positive reaction from the stock market. Many cannabis companies are poised to see exponential growth as deregulation occurs and this bill would help speed up the process.