Someone who knows about the situation said that Senate Democrats plan to introduce a bill to decriminalize marijuana at the federal level the following week, even though the measure faces a lot of trouble in the chamber, which is split down the middle.
Senators Cory Booker of New Jersey and Ron Wyden of Oregon collaborated on the bill with majority leader Chuck Schumer. Last year, the senators gave out a draught of the bill and made changes based on what Senate committees had to say.
Senate Democrats To Decriminalize Marijuana
Cannabis would no longer be included in the list of substances that the Controlled Substances Act covers under the Cannabis Administration and Opportunity Act. State-level restrictions on the cultivation and distribution of marijuana are still permissible.
Tilray Brands, Inc., a multinational pharmaceutical, cannabis lifestyle, and consumer packaged goods company saw its share price rise by nearly 14 percent. Investors are also pouring money into Canadian manufacturers Aurora Cannabis and Canopy Growth (up 11% each) (up 11 percent ).
The cannabis research and product development company Cronos Group had a positive shift as well, with its shares climbing by about 4% today.
These gains on Thursday occurred despite a steep decline in U.S. stocks; this was the S&P 500’s fifth straight day of losses.
According to a draught of the cannabis bill, legalizing marijuana would end the war on drugs, which it refers to as a war on people, particularly people of color.
The use of marijuana for medical purposes is permitted in a total of 37 states, three territories, and the District of Columbia. Additionally, it is legal for recreational use in the District of Columbia, two territories, and 19 states. The measure would create initiatives and allocate funds to stop minors and adults under the age of 21 from using cannabis.
Since the senators’ plan to introduce their bill became public, marijuana stocks went up, but they went down on Thursday as experts questioned how likely it was to pass.
According to Tobin Marcus of Evercore ISI, “We see little probability that this law advances as is.” Senate Republicans do not want a vote on it, and Senate Democrats do not support it unanimously.
The legislation would establish the Food and Drug Administration’s Center for Cannabis Products to oversee the cultivation, transportation, and retail sale of cannabis products. Additionally, the FDA would be tasked with establishing labeling requirements, such as potency.
“The federal government continues to lag shamefully behind as more states legalize cannabis and try to rectify the numerous injustices the failed war on drugs inflicted against black, brown, and low-income people,” Booker said in a statement.
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The bill would decriminalize cannabis on a federal level as well as expunge federal nonviolent marijuana crimes, establish a fund from federal cannabis tax revenue to reinvest in communities impacted by drug offenses, and offer financial assistance to entrepreneurs of color who encounter obstacles in the industry.
The decriminalization of marijuana and the expungement of records for those convicted of nonviolent cannabis offenses were approved by the House in April. After being passed, the Marijuana Opportunity Reinvestment and Expungement Act did not proceed.