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Congress To Discuss Ending Federal Prohibition Of Cannabis

Congress To Discuss Ending Federal Prohibition Of Cannabis

A Congressional committee intends to discuss legislation aimed at ending the federal prohibition of marijuana.

The legislation, introduced by House Judiciary Committee Chairman Jerry Nadler, would remove cannabis from the Controlled Substances Act and allocate funding to repair the disproportionately negative impact the war on drugs has had on black communities, according to Forbes. 

The bill would create a 5% federal tax on marijuana sales to generate educational programs and give loans for small cannabis businesses owned by economically disadvantaged individuals. Additionally, it aims to minimize restrictions on licensing and employment in the industry.

The bill also calls for resentencing and expungement of records for people previously convicted of cannabis crimes and would shield immigrants from being denied citizenship status over marijuana.

See Also: The Week In Cannabis: Stocks Fall On Poor Earnings, More Americans Support Legalization

Wednesday’s planned Judiciary Committee vote on the far-reaching cannabis reform legislation — which hasn’t yet been officially listed but is expected to be announced on Monday — comes about two months after the full House overwhelmingly approved a bipartisan bill to increase marijuana businesses’ access to banks.

President Donald Trump has previously voiced support for a less extensive bill, the STATES Act, backed by Sens. Elizabeth Warren and Cory Gardner.

Image from Unsplash.

Posted-In: Forbes STATES ActCannabis News Politics Markets General Best of Benzinga


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