Proposed: Cannibis Administration and Opportunity

New Post Public Reply Private Reply Replies (1) Message Board
Airedale
557
Proposed: Cannibis Administration and Opportunity Act

From the New York Times NIcholas Fandos

The draft bill, called the Cannabis Administration and Opportunity Act, would remove marijuana from the Controlled Substances Act and begin regulating and taxing it, placing federal rules on a burgeoning industry that has faced years of uncertainty. Though states would still be allowed to set their own marijuana laws, businesses and individuals in states that have legalized its use would be free for the first time to sell and consume it without the risk of federal punishment.


The proposal would also try to make recompense to communities of color and the poor for damage from years of restrictive federal drug policy. It calls for immediately expunging nonviolent marijuana-related arrests and convictions from federal records and would earmark new tax revenue for restorative justice programs intended to lift up communities affected by “the failed federal prohibition of cannabis.”

The bill aims to “finally turn the page on this dark chapter in American history and begin righting these wrongs,” said Senator Cory Booker, Democrat of New Jersey, who wrote the bill with Mr. Schumer and Senator Ron Wyden, Democrat of Oregon and the chairman of the Finance Committee.

The legislation faces an uphill battle in the Senate, where Republicans are opposed, and it is unlikely to become law in the near future. President Biden has not endorsed it, and some moderate Democrats are likely to balk at the implications of decriminalizing a drug that has been policed and stigmatized for so long.

But in the arc of the public’s rapid reconsideration of marijuana laws, the presentation on Wednesday was a remarkable milestone for legalization proponents. The suggestion that the Senate’s top leader and the chairman of the powerful Finance Committee would sponsor major decriminalization legislation would have been fantastical in the not-too-distant past.

In a speech on April 20, the unofficial holiday for marijuana smokers, Mr. Schumer said he was trying to prod Washington off the sidelines of a debate in which much of the country was already engaged. Public opinion polling suggests that nearly 70 percent of Americans support legalizing marijuana. Thirty-seven states and the District of Columbia have legalized marijuana for medical use, and 18 states plus D.C. allow recreational use by adults.

Mr. Schumer has also made no secret that he believes Democrats stand to benefit politically from embracing the legalization push, particularly with young voters.

“Hopefully, the next time this unofficial holiday of 4/20 rolls around, our country will have made progress in addressing the massive overcriminalization of marijuana in a meaningful and comprehensive way,” he said in April.

The senators were expected to detail their plans later Wednesday morning at a news conference at the Capitol.

They are expected to propose empowering the Food and Drug Administration and the Alcohol and Tobacco Tax and Trade Bureau at the Treasury Department to begin regulating the production, distribution and sale of marijuana, removing the Drug Enforcement Administration from its current oversight role. Among other implications, the changes would allow marijuana companies already operating in states where it is legal to gain full access to the United States banking system.

The legislation would gradually institute a federal excise tax like the one on alcohol and tobacco sales, eventually as high as 25 percent for big businesses, allowing the federal government to benefit from sales that came close to $20 billion in 2020. The revenue would then be funneled back to communities most affected by federal drug policy and to fund expanded medical research into cannabis that is currently limited by its status as a controlled substance.

One provision, for instance, would establish a cannabis justice office at the Justice Department to help fund job training, legal aid and help with re-entry after incarceration. Another program would promote loans to small cannabis businesses owned by members of racially or economically marginalized groups to try to ensure that communities that suffered disproportionately under the war on drugs are not left out of the gold rush that has accompanied legalization.

But the bill would aim to make other, more direct attempts to compensate for the impacts of years of aggressive policing. In addition to expunging past arrests and convictions, it would entitle those who are currently serving sentences for nonviolent federal drug crime to a court hearing to reconsider their sentences. And if enacted, the federal government would no longer be able to discriminate against marijuana users seeking federal housing, food or health benefits.

The Democratic-led House passed similar legislation in December, with a handful of Republicans joining to vote in favor. The vote was the first and only time either chamber had endorsed the legalization of cannabis, but the bill died at the end of the last Congress. House leaders plan to pass an updated version in the coming months.

Passage through the Senate is likely to be more tricky. Mr. Schumer would need to assemble 60 votes, meaning he would need the support of at least 10 Republicans. Though libertarian-leaning Republicans have generally supported ending the prohibition of marijuana, party leaders are likely to oppose the Democrats’ plan, particularly with its emphasis on restorative justice and government intervention in the cannabis industry.

But opposition is not limited to Republicans. Mr. Schumer would have to persuade moderate Democrats who are uncomfortable with the implications of decriminalization to support it.

Mr. Biden supports decriminalizing marijuana and pulling back the war on drugs, but his views are generally more conservative than many Democrats’ and he has not endorsed Mr. Schumer’s proposal. His White House made headlines this spring for pushing out five staff members over their use of marijuana.
Scroll down for more posts ▼

Top 10 Most Recent News Articles

China's Long March: Legacy Shaping a New Era

Updated Category News Views 0

The Enduring Spirit of the Long March Remember the original Long March? Two years, 25,000 li, and countless struggles. It was more than a military campaign—it was a flame of hope burning in the bleakest of times. Even today, folks in China still nod to its spirit as they navigate the nation's economic and social landscape. You might ask, "Why hold onto an event from 90...

Continue Reading
Watchtower Labs: New Era of AI in Military Ops

Updated Category News Views 15

Big Moves in Military Planning Alright, folks, here's the skinny on something that's bound to shake up the military sector: Watchtower Labs has kicked the door open after its stealthy beginnings with a hefty $35 million in seed funding. Investors like Shield Capital, Conviction, and Founders Fund are throwing their weight behind this AI-powered venture that's poised to...

Continue Reading
Trimble's AI Boosts Construction Risk Management

Updated Category News Views 9

Navigating Construction's Risky Waters La-di-da, another day, another dollar lost—or won—in the construction zone. But hey, here comes Trimble waving a shiny new AI-driven flag that promises to shut down those wrench-tossing surprises in construction projects. They're calling it the Document Crunch, a tool that lets contractors review everything from drawings to...

Continue Reading
Cystic Fibrosis Market: Emerging Therapies Boost Growth

Updated Category News Views 4

The landscape of cystic fibrosis treatment is on the cusp of a seismic shift, promising new therapies poised to redefine patient care and market dynamics. As we stand at the intersection of innovation and opportunity, the impending transformation is fueled by groundbreaking therapies, increased healthcare spending, and a stronger push for personalized medicine. The Winds...

Continue Reading
Trilogy Metals Advances Arctic Project's Potential

Updated Category News Views 5

Trilogy Metals Completes Ambler Metals Field Work Alright, folks, let's dive into a mining story that should catch the discerning eye. Trilogy Metals (NYSE: TMQ) proudly wrapped up its 2026 field season at the Upper Kobuk Mineral Projects (UKMP), located in northwestern Alaska. And if you're neck-deep in the mining sector, this isn't just a thing on the periphery; it's a...

Continue Reading
How Track Rabbit Levels the Playing Field for Small Motorsport Ventures

Updated Category News Views 3

Fielding Opportunities in a Revved-Up Market You're knee-deep in grease and exhaust, keeping your motorsport enterprise alive against the big dogs without losing grip on the little guy's budget. What if I told you there's a service out there talking your language – combining marketing prowess with AI smarts for as low as $350 a month? That's ALIVE and Track Rabbit...

Continue Reading
ILS and Anduin Join Forces to Streamline Fundraising

Updated Category News Views 3

Big Moves in Legal Tech and Fundraising In the world of investing, where technology is always a step ahead, Intelligent Legal Solutions (ILS) and Anduin are cooking up a storm with their latest partnership announcement. Targeting private markets fund managers and law firms, these two tech players aim to ease the layered chaos that comes with fundraising by integrating...

Continue Reading
Cognizant Buys DyFlex for SAP, AI Edge in ANZ

Updated Category News Views 5

Why Cognizant's Move Matters Imagine being at the top of your game, only to realize you need more heavy-hitters to keep your edge. That’s this deal in a nutshell. Cognizant (NASDAQ: CTSH) is diving deep into AI-led enterprise transformation by scooping up DyFlex Solutions, a name with plenty of clout in the SAP ecosystem. What's Behind the DyFlex Acquisition? Founded in...

Continue Reading
Vermilion Energy Sets Dates for Earnings and Calls

Updated Category News Views 5

The Anticipation Around Vermilion's Upcoming Results There's a buzz in the air about Vermilion Energy Inc.'s upcoming Q3 2026 financial results. Slated to hit the wires November 4th, before the sun rises on Wall Street, folks in the trade have their eyes peeled to parse through any morsels of data. The question on everyone's mind? Whether they're making the right moves to...

Continue Reading
Innventure Investors Alert: Securities Investigation Looms

Updated Category News Views 4

Innventure's Murky Waters Just when you think you've seen it all, stuff like this reminds you nothing's safe in the market. The law folks at Stranch, Jennings & Garvey, PLLC are sniffing around Innventure, Inc. (NASDAQ: INV) like bloodhounds to see if there's been some hoodwinking going on. We're talking questions about funny business with a data center deal between...

Continue Reading

Top 5 Most Recently Viewed Articles

Theriva Biologics Addresses Recent Market Activity Concerns

Updated Category News Views 229

Understanding the Recent Trading Activity of Theriva Biologics ROCKVILLE, Md. — Theriva™ Biologics (NYSE American: TOVX), a pioneering company committed to developing innovative cancer treatments, recently reported observing unusual trading patterns in its stock. This announcement follows their commitment to transparency regarding market perceptions and investor...

Continue Reading
Exploring Growth Potential in the Managed Services Market

Updated Category News Views 117

Growth Potential of the Managed Services Market The managed services market is experiencing a dynamic transformation, and the projected value surge from USD 335,320 million to USD 990,611.47 million by 2032 reflects this exciting growth. This increase is largely fueled by the rising need for businesses to optimize IT operations, reduce costs, and bolster cybersecurity. As...

Continue Reading
Enefit Green AS Supervisory Board Responds to Takeover Bid

Updated Category News Views 336

Enefit Green AS Supervisory Board's Insight on Takeover Bid The Supervisory Board of Enefit Green AS has shared its thoughtful opinion regarding the recent voluntary takeover bid from Eesti Energia AS. This takeover, which was initiated with the aim of enhancing strategic growth and collaboration within the energy sector, has raised considerable interest among...

Continue Reading
Dr. Elsey's Receives Prestigious Recognition in Cat Welfare

Updated Category News Views 210

Dr. Elsey's Recognized for Leadership in Cat Welfare Dr. Elsey's, a well-known pet care company devoted to enhancing the lives of cats and their owners, has received acclaim from The Pet Intelligence Network for its significant contributions to cat rescue and adoption. This acknowledgment reflects the company's enduring mission to alleviate shelter overcrowding and assist...

Continue Reading
Primergy Solar Secures $350 Million for Significant Project

Updated Category News Views 80

Primergy Makes Significant Advancements in Solar Energy Financing Primergy Solar, a frontrunner in the development, ownership, and operation of utility-scale solar and energy storage projects, recently secured an additional $350 million in tax equity financing for the Ash Creek Solar project, a significant 408 MWac endeavor. This monetary boost is a vital milestone for...

Continue Reading