Schumer Marijuana Legalization Bill Finally Introduced in Senate

Senate Majority Leader Chuck Schumer (D-N.Y.) finally introduced legislation Thursday to repeal decades-long federal marijuana prohibition, a milestone that marijuana industry leaders are pleased about, even though the chances of a legalization bill becoming law are slim. Most marijuana lobbyists believe Schumer's Cannabis Administration and Opportunity Act (CAOA) has little chance of passing the Senate because it needs 60 votes to pass. But some say it could provide momentum for more incremental reform bills - most notably the Secure Banking Act, which would allow banks to provide services to cannabis businesses without fear of federal retaliation. Some industry experts say the introduction of the Schumer bill could spark more political debate behind the scenes to get some type of marijuana reform passed by the end of the year.

Information source: mjbizdaily.com/