- A long-awaited bill that would legalize marijuana on the federal level will be introduced next week by Senate Democrats, Bloomberg reported.
- Senate Majority Leader Chuck Schumer (N.Y.), along with Sens. Cory Booker (N.J.) and Ron Wyden (Ore.), are the main backers of the legislation.
- The bill is formally called the Cannabis Administration and Opportunity Act. Besides removing cannabis as a Schedule I controlled substance, the measure would also provide criminal justice reforms and provide loans to small marijuana businesses run by individuals negatively impacted by the drug war.
- Schumer has come under criticism from some lawmakers an d the public for trying to push through a broad cannabis reform bill at the expense of a marijuana banking bill that has greater bipartisan support .
- Multi-state operators: Cresco Labs ( OTCQX:CRLBF ); Columbia Care ( OTCQX:CCHWF ); Trulieve Cannabis ( OTCQX:TCNNF ); Green Thumb Industries ( OTCQX:GTBIF ); Curaleaf Holdings ( OTCPK:CURLF ); MedMen Enterprises ( OTCQB:MMNFF ); Acreage Holdings ( OTCQX ); Ayr Wellness ( OTCQX:AYRWF ); Verano Holdings ( OTCQX:VRNOF ); and Jushi Holdings ( OTCQX:JUSHF ).
- In April, the House approved its own marijuana legalization bill , the Marijuana Opportunity, Reinvestment and Expungement ( MORE ) Act.
For further details see:
Senate Democrats-backed marijuana legalization bill coming next week - Bloomberg