Long-awaited Senate marijuana bill could be introduced next week

The U.S. Senate may soon have a formal marijuana legalization bill to consider, Bloomberg reported Thursday. The news outlet reported that Senate Majority Leader Chuck Schumer is poised to introduce his Marijuana Regulation and Opportunity Act next week, the federal marijuana legalization bill the industry has been waiting for since February 2021. It was then that Schumer promised to make marijuana reform a priority for the Democrat-controlled Congress. The draft bill would mean a huge change in the industry landscape because it would: remove marijuana from the list of federally controlled substances. Continue to allow states to take the lead in regulating the industry. Eliminate Section 280E of the federal tax code for marijuana businesses. Create a grant program to help those affected by the war on drugs. Eliminate federal penalties for marijuana and remove non-violent criminal records related to medical marijuana.

Information source: mjbizdaily.com/