Legal & Regulatory

The U.S. takes a step towards federal cannabis legalization

The Cannabis Legalization Act throughout the U.S. passed the Judiciary Committee by 24-10 votes. The law will allow small businesses in the legal cannabis industry to receive loans and subsidies. Doctors in the U.S. would be allowed to prescribe medical cannabis to patients. The approved law will also remove criminal records of people previously convicted for cannabis-related offences.

With more and more states legalizing cannabis, some think it’s only a matter of time before U.S. federal cannabis legalization.

The Cannabis Legalization Act throughout the United States, also known as the MORE Act, passed through the Judiciary Committee by 24-10 votes.

If another committee does not propose a revision of the Act, the draft Marijuana Opportunity, Reinvestment, and Expungement Act will be voted on by the House of Representatives of the United States.

You can find more information about the cannabis industry and other important news in the cannabis sector in the Hemp.im app. This app collects the latest marijuana news among cannabis sectors that investors operate in.

Hemp.im provides the latest news about the CBD and hemp sector, which is predicted to be worth more than $14.67 billion by 2026.

Will U.S. federal cannabis legalization happen?

The draft law provides for the termination of the federal cannabis ban and the removal from the criminal record of certain convictions for cannabis.

There is also a low excise duty imposed on the legal cannabis industry and the creation of a Cannabis Justice Office focused on reinvesting profits in the communities most affected by the ban.

Finally, if the bill is fully enacted, it will allow small businesses in the legal cannabis industry to receive loans and subsidies. Moreover, doctors throughout the United States would be allowed to prescribe medical cannabis to patients.

The bill, introduced by the chairman of the Judiciary Commission, Jerrold Nadler (D-NY), was supported by 24 votes to 10. For the first time in U.S. history, public opinion had an insight into how Congress voted in favor of the legalization project.

The public is in favor of this law

Federal lawmakers seek to agree on a project for cannabis legalization that has great public support. (Source)

The debate on the bill was generally conducted in two directions. Republican legislators argued that the bill was introduced in a hurry and that all aspects of the bill needed to be discussed, while the Democrats replied that there had been enough discussions on the matter and that there was no reason for further criminalization of cannabis.

Approved the cannabis legalization law presented by President Jerrold Nadler (D-NY), will remove cannabis from the federal drug list, remove the criminal record of people previously convicted of cannabis and impose a 5% tax on cannabis sales. The profits will be reinvested in the communities most affected by the war on drugs.

“These steps are being taken too late. We have been treating cannabis as a criminal justice issue rather than a personal choice and a public health issue for too long,” said Jerrold Nadler. “Arresting, prosecuting and imprisoning people at the federal level is unreasonable and unfair.”

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(Featured image by frank mckenna via Unsplash)

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First published in FaktyKonopne, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Hemp.im assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Hemp.im is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Daphne Freeman

Daphne Freeman has worked in the crowdfunding and impact investing industry for the past few years, gaining experience in marketing, and connecting businesses and entrepreneurs in need with the right investors. As a seasoned grant writer as well as financial market journalist, she is passionate about making a social impact in the world. A free spirit, Daphne also enjoys writing and exploring topics of interest, currently CBD, health and beauty, and social media influencers.

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