Regulation
Marijuana legalization
At a press conference today, Senate Majority Leader Chuck Schumer (D-N.Y.) will introduce a draft of legislation that would legalize marijuana on the federal level. The bill would be called the Cannabis Administration and Opportunity Act and is meant to spur discussion for a formal introduction of the bill and comprehensive reform. Reports suggest it would direct some tax revenue from marijuana sales to minority communities, give the FDA oversight of cannabis regulation and retain some federal drug testing provisions.
Quote: "Hopefully, the next time this unofficial holiday, 4/20, rolls around, our country will have made progress in addressing the massive overcriminalization of marijuana in a meaningful and comprehensive way," Schumer said back in April. The nation's war on drugs has "too often been a war on people, particularly people of color."
Marijuana is still classified as a Schedule I drug under federal law, meaning it's on par with heroin, LSD, shrooms and ecstasy. It's also against federal law to grow, sell, or use pot for any use, including medical purposes. Despite being prohibited by federal law (different administrations have taken various approaches to enforcement), 36 states and D.C. currently have laws legalizing marijuana for either medical or recreational use.
Supercycle? Marijuana sales are expected to top $24B in 2021, marking a 40% Y/Y increase, forecasts Roy Bingham, co-founder and chairman of BDSA, a cannabis market research firm. ( 272 comments)
| |
