Will Cannabis Finally Be Federally Legal With Chuck Schumer’s New Bill?
With marijuana stocks starting to see a glimpse of better trading some investors are looking to take profits. With heavy speculation surrounding future cannabis legislation in the United States investors are looking to get in on the action. For quite some time now the U.S. cannabis industry has been growing at a fast pace. Currently more than half of the United States has legalized cannabis in some fashion. This increase in more states going legal only adds more value to the U.S. cannabis industry who in 2020 alone accumulated $17.5 billion.
With more sales throughout legal states, it can potentially impact the way some cannabis trades in a positive way. For instance, if a cannabis company that is publicly traded reports good earnings in some cases this can cause an uptick in trading for that particular pot stock. As well with more states going legal it also puts pressure on ending federal cannabis prohibition. In recent reports Senate Majority Leader Chuck Schumer this past Wednesday In regards to a piece of cannabis legislation that would federally legalize cannabis.
Furthermore, this new cannabis bill will be introduced as soon as possible in the Senate. It was said he spoke about this cannabis bill at the same time recreational marijuana was legalized in New York. He went on to further state “I support decriminalization at the federal level,” Schumer said, “and we’ll be introducing legislation with a few of my colleagues shortly.” During this time he was confronted and asked to be a bit more clear on how he truly felt about having better cannabis legislation.
More Thoughts On Federal Cannabis Legislation
“At the federal level, you call it ‘decriminalization’ because that lets the states legalize,” he stated. However overall those who take a keen interest in the cannabis culture draw a line between both. For example, decriminalization is used to depict the state and local policies to eliminate the threat of imprisonment for simple possession. Yet you can still get in trouble for other cannabis-related issues that can result in a fine or penalty. None the less this is why there is a difference between decriminalization and being outright legal.
“The Marijuana Regulation and Taxation Act legalizing marijuana is now law in New York,” Schumer tweeted separately on Wednesday. “And I will keep working in the Senate to end the federal prohibition on marijuana and undo the damage of the War on Drugs.”
Chuck Schumer has been working closely this session with Senate Finance Committee Chairman Ron Wyden as well as Sen. Cory Booker. This is being done to create a cannabis bill that would finally end federal cannabis prohibition. This process was initiated by these men holding private meetings with representatives from a mixture of advocacy groups to get feedback on the best strategy to better cannabis reform. Now while the actual language of the bill has not been filed as more details are being sorted.
The Focus Is On Federal Cannabis Reform
The main goal of this new cannabis bill would be to federally legalize marijuana. As well a measure in the bill would promote social equity. Earlier in March Schumer mentioned that this bill would particularly look to limit the ability of big alcohol and tobacco corporations coming in to overtake the industry. Rather, it will make small businesses, the concern especially those ran by people from neighborhoods that have been affected most by prohibition. As well as and focus on “justice, justice, justice—as well as freedom,” he said.
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Final Thoughts On Chuck Schumer’s New Cannabis Bill
Chuck Schumer Also went on to let the people know that the people of the United States acknowledge prohibition has not worked and “so many lives have been wasted because marijuana has been listed as something as bad as heroin” under federal law. Words on the matter came out of the House from Judiciary Chairman Jerrold Nadler. Chairman Nadler went on to say that he working to reintroduce his cannabis bill.
This is bill is known as or the MORE Act or the Marijuana Opportunity, Reinvestment, and Expungement. Recently the MORE Act cleared the chamber back in 2020. However, it did not pass in the Senate under GOP control. However, with the new administration being run by the Democrats, there is a great deal of hope amongst the cannabis community that federal cannabis reform is possible to see this congress.
This past week Press Secretary Jen Psaki mentioned that President Joe Biden’s stance on recreational cannabis “has not changed,”. What this essentially means is he still on the fence about legal cannabis in the United States. As well he hasn’t even hinted towards when he will sign or veto any legislation that would help policy change. Yet at the same time, he has voiced his opinion with modest rescheduling of the plant. In addition to decriminalizing legalizing medical cannabis. And last erasing prior cannabis records, and allowing states to set their own laws and regulations.