Looks like it’s going to be a busy week for cannabis news now that legislation introduced by House Judiciary Committee Chairman Jerrold Nadler (D-NY) federal cannabis legalization will be voted on this Wednesday, an announcement confirmed Monday morning.
Nadler’s Marijuana Opportunity Reinvestment and Expungement (MORE) Act would move cannabis into federally legal status, and among other things calls for a five percent federal tax on marijuana sales. That revenue would be used to fund programs such as job training and legal aid for those disproportionately affected by prohibition, as well as enact means to lift barriers to licensing and employment in the industry as a whole.
Marijuana Moment has the details:
“’The data speaks for itself—low-income communities and communities of color have disproportionately borne the brunt of the devastation brought on by marijuana prohibition,’ Queen Adesuyi, policy manager of national affairs for the Drug Policy Alliance, said in a press release. ‘The MORE Act is the most robust bipartisan legislation so far not only to end federal marijuana prohibition, but also to ensure that the communities that have been hardest hit by prohibition are not left behind.’
‘It would be a tragic mistake to have the only marijuana reform bill that passes this Congress be one that solely benefits the industry, despite both the unprecedented support for legalization nationally amongst Americans and all the harm that we know federal prohibition has caused to individuals and communities across this country,’ she said. ‘Fortunately, by ensuring the MORE Act moves forward, several leaders in the House are showing that they understand that this is a matter of fundamental justice that the US Congress needs to address.'”
NORML Political Director Justin Strekal issued a statement Monday morning in response to the news: “A supermajority of Americans, including majorities of Democrats, Republicans, and independents, support regulating the use of marijuana by responsible adults. Thanks to the leadership of the House Judiciary chairman, never in history have we been closer to ending the failed policy of marijuana criminalization and providing pathways to opportunity for our brothers and sisters who have suffered under its oppressive reign.”
While the bill is expected to hear bi-partisan points and amendments to advance out of panel and make it to the floor for a full vote, it still has to eventually pass the Republican-controlled Senate. It’s fate there is unknown at present.
That said, the prospect of federal cannabis legalization inching closer to reality sharply focuses the ongoing need for cannabis entrepreneurs sourcing much needed capital from private placement investors looking for outstanding opportunities in the rising legal cannabis space.
For more information on how Cannapreneur Partners works with motivated accredited investors looking to enter the space before the public market can, and how our “Profits with Purpose” approach is connecting all-star cannabis entrepreneurs with investors, check out this interview with CEO Michael Scott.
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