The legal cannabis industry received an added boost today in Congress when Senate Majority Leader Chuck Schumer (D-NY), Finance Committee Chair Ron Wyden (D-OR) and Senator Cory Booker (D-NJ) introduced a bill, which if passed, would provide sweeping cannabis policy reforms across the nation.
The legislation, known as the Cannabis Adminstration and Opportunity Act, would deschedule and decriminalize cannabis by removing it from the federal Controlled Substances Act. It would also shift regulatory responsibility from the Drug Enforcement Administration to the Alcohol and Tobacco Tax and Trade Bureau, the Food and Drug Administration and other agencies. Further, the measure would also allow the state-regulated medical and adult-use cannabis industries already in place to operate without federal interference.
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