A Historic Win For The Cannabis Industry
As the entire cannabis industry waited to find out whether the House would pass the MORE Act finally, the results are in. In a historic win for the US cannabis industry, the House passed the MORE Act in 228 to 164 victory. Many Republicans didn’t see eye to eye with their fellow Democrats for pushing the issue of proper cannabis reform. However, this is a huge victory that won’t go unnoticed even though many believe it won’t pass the Senate. Judiciary Chairman Jerry Nadler voiced his stance on the matter emphasizing the fact that half of the country has adopted some form of cannabis legislation. With a clear message, it’s time for a change with cannabis reform.
Cannabis Reform From The Stance Of The House
Nadler stated this bill “would reverse the failed policy of criminalizing marijuana on the federal level and would take steps to address the heavy toll this policy has taken across the country, particularly on communities of color.”
“For far too long, we have treated marijuana as a criminal justice problem instead of as a matter of personal choice and public health. Whatever one’s views are on the use of marijuana for recreational or medicinal use, the policy of arrests, prosecution, and incarceration at the Federal level has proven unwise and unjust,”
Nadler, D-N.Y., said during debate on the bill Friday morning. “I have long believed that the criminalization of marijuana has been a mistake, and the racially disparate enforcement of marijuana laws has only compounded this mistake, with serious consequences, particularly for communities of color.”
As Chairman Jerry Nadler voiced his stance as expected most Republicans stood against cannabis reform. Many Republicans felt it wasn’t a matter of importance in comparison to other issues. The Republican party even went as far as blaming cannabis as being a gateway drug versus a viable medical option for those who need it.
What Is the MORE Act And Why Is It Important?
To rep cap, the MORE Act is the most comprehensive bill ever to be written for cannabis legislation. The MORE Act would remove cannabis as a Schedule 1 narcotic. Which being a Schedule 1 drug is on the same list as heroin and cocaine. Will now be decriminalized in the eyes of the federal government. Also the MORE Act. will establish a 5% tax on all cannabis products. The money generated from the 5% tax will be used to redevelop communities that were impacted by the war on drugs.
In addition, this bill will expunge convictions and allow sentencing review hearings related to federal cannabis offenses. Which will in turn prohibits the denial of federal public benefits to a person with cannabis-related conduct or convictions. As well it would prohibit the rejection of receiving benefits and protections under immigration laws from cannabis-related issues.
“Across this nation, thousands of men and women have suffered needlessly from the federal criminalization of marijuana, particularly in communities of color and have borne the burden of collateral consequences for those ensnared in criminal legal systems that have damaged our society across generations,” Rep. Sheila Jackson Lee (D-TX) said in her opening remarks. “This is unacceptable and we must change our laws. It is time for Congress to catch up with the reforms that states are enacting.”
What Next For Cannabis Legislation?
It’s off to the Senate for the MORE Act. As mentioned above many believe it won’t pass because the Senate is dominated by the republican party. However, early this week the UN approved the WHO Recommendation. Which essentially means the UN acknowledges the medical benefits of cannabis. Because the UN approved Recommendation 5.1 some feel the Senate may see the bigger picture. This may be a light hope when it comes time for the Senate to vote on the MORE Act.
Rep. Matt Gaetz (R-FL), the sole GOP co-sponsor of the legislation, stated though he feels this bill is “flawed,” he will back the MORE Act “because the federal government has lied to the people of this country about marijuana for a generation.
“We have seen a generation, particularly of black and brown youth, locked up for offenses that not should have not resulted in any incarceration whatsoever,” he said.
Right now at the rate the cannabis industry is growing efficient cannabis legalization is needs to be in place. Which is the purpose of the MORE Act. Yes, it’s possible with this piece of legislation amendments may be made along the way. However, this historic win is monumental heading into the future of the cannabis industry. So as the cannabis industry celebrates this win many cannabis companies are positioning themselves for what next to come.
What The MORE Act Mean For Marijuana Stocks
Many marijuana stocks and cannabis companies have long awaited this moment of cannabis legislation. The passing of the MORE Act may bring with it some positive momentum for many marijuana stocks Monday morning. Now may be the time to start looking for marijuana stocks to buy. As more things progress in the cannabis industry many cannabis companies like Canopy Growth Corp (CGC Stock Report) and Cura Leaf (CURLF Stock Report) are planning and adjusting because of this measure. However, until it passes the next phase investors are watching the top-performing marijuana stocks.
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