Some big news in the news this week! While the word has spread like wild fire, this is a tremendous milestone for the cannabis space. The Congressional committee set to vote on allowing the bill to proceed to the House floor passed in a staggering 21-10 vote with bipartisan support. The next steps are to the House of Rep. vote then the Senate if it passes the House. All eyes are on Congress with this landmark vote.
What does this truly mean if it passes?
- Decriminalizes marijuana at the federal level by removing the substance from the Controlled Substances Act. This applies retroactively to prior and pending convictions, and enables states to set their own policy.
- Requires federal courts to expunge prior convictions, allows prior offenders to request expungement, and requires courts, on motion, to conduct re-sentencing hearings for those still under supervision.
- Authorizes the assessment of a 5% excise tax on marijuana and marijuana products to create an Opportunity Trust Fund, which includes three grant programs: the Community Reinvestment Grant Program, the Cannabis Opportunity Grant Program and the Equitable Licensing Grant Program
- Opens up Small Business Administration funding for legitimate cannabis-related businesses and service providers.
- Requires the Bureau of Labor Statistics to collect data on the demographics of the industry to ensure people of color and those who are economically disadvantaged are participating in the industry.
- Provides non-discrimination protections for marijuana use or possession, and for prior convictions for a marijuana offense: Prohibits the denial of any federal public benefit (including housing) based on the use or possession of marijuana, or prior conviction for a marijuana offense and provides that the use or possession of marijuana, or prior conviction for a marijuana offense, will have no adverse impact under the immigration laws.
https://wset.com/news/local/bill-to-end-marijuana-prohibition-in-the-us-passes-key-committee?fbclid=IwAR07jHIbvJsMWDptHZp3YMapnH6LWIbhAXSSyn82-D3zlBfS0kx2NqQ1zSU - Bullet points were found at this link, more details can be found there.