 This week, the United States House of Representatives will be voting on the MORE Act, which stands for Marijuana Opportunity, Reinvestment, and Expungement. The MORE Act decriminalizes marijuana and sets up clearing some former marijuana-related charges. It also attempts to promote diversity in the cannabis industry and make reparations to those who have been racially and economically harmed by cannabis prohibition.
The MORE Act is first going to a House Rules Committee meeting, which is the last stop before going on the floor for an official vote by the Senate. This legislation was previously approved in the House in December of 2020, but it did not make it all the way to the Senate floor. There is also another potential legalization bill in the works, potentially coming up to vote next month. Senate Majority Leader Chuck Schumer has a bill he is backing called the Cannabis Administration & Opportunity Act. This act deschedulizes marijuana from the controlled substances list and allows states to determine their own cannabis laws, similar to the way alcohol is federally regulated. Tax revenue would support restorative justice and public health and safety research. Schumer recently said that he plans to file his cannabis legalization bill in April. Any way you look at it, the country is clearly continuing to inch closer and closer to Federal legalization. And reflecting this optimism, Cannabis stocks have seen a bit more upward movement this past week with the potential for upcoming legal federalization. Comments are closed.
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