Deep Dive: The Newest Effort To Legalize Cannabis
Image: Leafly
This Wednesday, the U.S. House of Representives is slated to hold a vote on a bill to federalize legalize cannabis.
There is optimism that the bill will pass in the house. However, it is unlikely to pass in the Senate.
While it is unlikely that the bill becomes law, it is nonetheless an important milestone in the long trek towards legalizations.
Three points to know from this newest vote are below.
1: MORE Amendments
The vote will be for an amended version of the The Marijuana Opportunity, Reinvestment and Expungement (MORE) Act. The MORE Act was originally introduced in late 2020, at which time it passed the House of Representatives, but was not passed by the Senate. This vote takes on that same bill, but with additional amendments provided by both Democrat & Republican Representatives.
These amendments are mostly centered around safety and standards in the workplace, for drivers, and for those who are underage. There is also a language tweak that gives smaller businesses a better change of obtaining a federal operation permit.
2: What's In the Bill?
The MORE Act is comprised of dozens of measures that legalize cannabis, drive community reinvestment with tax revenue, and study the effects of both legalization and the war on drugs.
The MORE Act would deschedule marijuana by removing it from the list of federally banned drugs under the Controlled Substances Act (CSA). It would then capture taxes into an "Opportunity Trust Fund.”, which would be used to invest in small business and equity programs, among other investments.
Finally, it would enable studying of the effects of legalization & the War on Drugs in an effort to better design future regulation amendments.
3: MORE is One Of Three Federal Cannabis Legalization Efforts
The MORE Act is one of four bills that focus on federal cannabis legalization.
The first is the The Secure and Fair Enforcement (SAFE) Banking Act, first introduced to Congress in May of 2017 under the sponsorship of Sen. Jeff Merkley (D-OR) and Rep. Ed Perlmutter (D-CO). That bill focuses on banking reform that would allow the cannabis industry to access the federal banking system and other critical business services.
The MORE Act was followed by the Cannabis Administration & Opportunity Act (CAOA), proposed by Senate Majority Leader Chuck Schumer. That bill is still in draft form, but may represent a best chance of a bill passing the Senate as well as the House.
Most recently, the States Reform Act was created by Rep. Nancy Mace (R-SC). That bill will receive a hearing following the MORE Act floor vote.
Read More:
Bipartisan Lawmakers File Amendments To Federal Marijuana Legalization Bill Up For House Vote This Week [Marijuana Moment]
