WASHINGTON, DC – House Democrats, with the help of some Republican supported, voted to remove cannabis from the list of controlled substances on Friday.
According to the New York Times, the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, was passed with a 220-204 vote. However, it is not expected to secure the 60 votes needed to pass in the Senate.
Senate Majority Leader Chuck Schumer elevated the issued when similar legislation hit the senate in 2020.
“he time as come for comprehensive reform of federal cannabis laws,” said Schumer. “Of course, we will need Republicans to pass a legalization bill in the Senate, and we will be working hard to try and get them,” he added.
In addition to removing marijuana from the list of federally controlled substances, the legislation will also impose an 8% tax on cannabis product, and press for sentencing reviews and expungement of cannabis-related convictions. It also makes loans and services through the Small Business Administration available for cannabis businesses.
The Congressional Budget Office estimates that the bill has the ability to reduce the federal deficit by $3 billion in the next 10 years.
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