![]() Bloomberg news reported on Thursday that Senate Majority Leader Chuck Schumer will likely be introducing his cannabis decriminalization bill within the next week. This is the bill that he’s been promising since February of this year. Senator Schumer’s bill is called the Cannabis Administration and Opportunity Act or CAOA. Joining Senator Schumer in presenting the legislation are Senators Cory Booker of New Jersey and Ron Wyden of Oregon. The Cannabis Administration and Opportunity Act would remove marijuana from the list of drugs covered by the Controlled Substances Act. Regulation would be up to the states at that point, in a manner to how alcohol regulation is handled federally and at the state level. The bill would also create social equity grant programs, and require that non violent federal cannabis convictions be expunged with a year of legislation passing. Bloomberg reported the measure faces “long odds” in the 50-50 Senate, which requires 60 votes to overcome a filibuster and pass a bill. At this time there are many Republicans who oppose legalization, and there are still a few Democrats who do as well. Cannabis stocks surged upon hearing this news, with some, such as Tilray Brands, gaining as much as 20%. Comments are closed.
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