While the legalization of Cannabis in several states has opened up several opportunities for CBD businesses, the state-wise legalization has imposed many difficulties for the cannabis industry. With different regulations in different states, legal states patchwork has imposed headaches for companies trying to perform interstate commerce.
Keeping this in mind, Senate Majority Leader Chuck Schumer, on Wednesday, introduced a proposed bill for the federal legalization of Cannabis countrywide. The bill- The Cannabis Administration and Opportunity Act, if passed, would bring out the following regulations countrywide-
• It would legalize marijuana and remove the substance from the Controlled Substances Act.
• It would introduce a taxing plan for cannabis businesses.
• It would expunge the records of nonviolent cannabis offenders who are serving time.
• It would allow resentencing for those serving in prisons for minor drug crimes.
• It would also create an Opportunity Trust Fund that would help the communities of color affected by cannabis arrests.
At a press conference, Schumer said, "we are taking steps in the Senate to right the wrongs of the failed war on drugs."
Along with Schumer, two Senate co-sponsors are also in favor of this bill.
However, the passing of the bill will impose many challenges. According to the reports, the bill still lacks Democratic support. President Joe Biden has not yet spoken on the topic. Vice President Kamala Harris, on the other hand, is in favor of the bill.
To become an act, this bill would require at least 60 votes.
The most talked-about aspect of the bill that could impose some challenges is is record expungement and resentencing of those serving time for minor drug offenses.
However, despite the commotion, the New Jersey court vacated 88,000 marijuana cases.
At the press conference, Senator Booker said, "It is time for Congress to end the federal marijuana prohibition and help communities affected by drug wars. I am proud to introduce this landmark piece of legislation with Senator Wyden and Majority Leader Schumer that could finally turn the page on this dark chapter in American history and begin righting these wrongs."