The Marijuana Opportunity Reinvestment and Expungement (MORE) Act is scheduled to remove marijuana from as a Schedule I substance next month as the United States presidential elections are quickly approaching Americans. The Bill is going to decriminalize marijuana at a federal level and is up for a House vote very soon.
The fate of the Bill is quite significant for the upcoming elections as the voting results will dictate future cannabis regulation, consumption, criminalization, production, and even provide resources for communities affected by the ‘war on drugs’ in the United States. The MORE Act was supported by Senator and vice-presidential nominee Kamala Harris who is also an advocate of legalizing cannabis and allows Americans o expunge prior criminal convictions related to marijuana use.
This month, The U.S. House of Representatives will be voting on the legislation as the Bill achieved a historical milestone by passing the House committee. The legislation was introduced by Representative Jerrold Nadler, D-N.Y., and was also co-sponsored by over 50 lawmakers by an astounding 24-10 last November.
According to the Bill, an organization called the Cannabis Justice Office will be established in order to introduce a 5% sales tax on cannabis sales in the United States– of course, wherever cannabis production and sales are still legal.
Moreover, the Global Alliance for Cannabis Commerce announced this week that a floor vote on the bill would be the greatest federal cannabis reform accomplishment in over 80 years.”
Representative Nadler said in a statement, “These steps are long overdue. For far too long, we have treated marijuana as a criminal justice problem instead of a matter of personal choice and public health. Whatever one’s views on the use of marijuana for recreational or medicinal purposes, arresting, prosecuting, and incarcerating users at the federal level is unwise and At the moment, 11 States have already legalized cannabis for recreation use while 33 States have legalized cannabis medicine.
Upon passing the House, the Bill will then move to the Senate where cannabis advocate Senator Harris will lead. Presidential candidate Joe Biden is also on board with the decriminalization of marijuana and expunging criminal records of those charged with possession.
On the other hand, Majority Leader Mitch McConnell has previously mentioned that he will not endorse cannabis legalization. Similarly, Trump has also made a statement recently that Republicans should remove marijuana legalization from the ballot if they want to win.
Investors should note that the MORE Act will not only remove cannabis as a Schedule I substance, but potentially other substances as well in the future. In the MORE Act, cannabis is included in a category that also features other substances, such as “heroin, LSD, ecstasy, and peyote,” and allows the States to regulate it.
