Will Schunmers Bill Be The Legislation That Ends Cannabis Prohibition
The Senate Majority Leader Chuck Schumer is working to keep the “big boys” out of the cannabis industry. The purpose is to generate opportunities for smaller cannabis businesses when cannabis is federally legalized. To which he mentions that his particular reform bill would accomplish that.
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Chuck Schumer and New York’s lead state cannabis regulator both had a conversation. This meeting took place on the Black Enterprise’s marijuana vertical. To which Schumer spoke on framing the reform bill after NYC’s recently approved cannabis bill. Parts of this conversation revolved around promoting social equity.
“We’re taking a page from New York’s book and trying to do basically what you did nationally,” he told former Democratic Assemblywoman Tremaine Wright, who now chairs the state’s Cannabis Control Board. “What it will do is ensure that Americans in all communities won’t be arrested or barred from receiving services for using cannabis where it’s legal because the state’s making legal.”
Schumer strongly advocated in an interview that his bill will help with small businesses in the industry. Alongside helping the Senate Majority Leader is Chairman Ron Wyden and Sen. Cory Booker.
“We don’t want the big boys to come in,” he said. “After all the pain that’s been occurring in communities like the one you represent in Brooklyn, where I’m from—to have the big boys come in and make all the money makes no sense.”
He’s made related comments once before in the past. To which he emphasized that his reform bill will take specific measures, These steps would restrict the ability of large alcohol and tobacco companies to overtake the industry.
The Next Step For Cannabis Reform From Legislators
The majority leader also talked about the distribution of tax revenue from marijuana sales. Which is all a part of his Cannabis Administration and Opportunity Act.
“We’re going to make sure that the money that’s made doesn’t just go into the federal treasury, but goes into good kinds of activities in terms of restorative justice, dealing with community violence initiatives, and dealing with so many other things—community centers and things that will have kids have a great place to go and some hope so they won’t get caught up by the drug dealers and anybody else.”
Also in the conversation, Schumer addressed the elephant in the room: Can a comprehensive legalization bill actually pass in Congress?
“The answer is yes,” he said.
“First, we’re getting some Republican support in the country. And second, the country is realizing that all the myths about marijuana are just that myths. I think we’ve got a real shot. We’re gonna keep working at it till we get it.”
Pushing Forward Of Federal Cannabis Reform In The United States
Still, some are not so confident in his proposal. Furthermore, numerous industry stakeholders have made some intriguing points. More specifically Congress should pass more modest, bipartisan reform. For instance, passing legislation that protects banks that service state-legal cannabis businesses.
Which holds the best chance of passing before the end of cannabis prohibition. Schumer said in September, however, that he and his colleagues have an “agreement” that the body will not take up cannabis banking legislation until more comprehensive legislation moves.
All in all, he’s open to examining an alternative way of passing banking reform. But only if legislators are able to include social equity provisions of legalization. Such as expungements for prior cannabis convictions into separate defense policy legislation. Which the chamber will be taking up soon.
Final Thoughts On Ending Cannabis Prohibition
Now Schumer has once expressed objection to passing marijuana banking reform first. This was included in an interview back in April about the recent statement about an “agreement” to block the financial services reform. That comment put the situation in its severest terms.
Meanwhile, various Republican members of Congress introduced a bill on Monday. This legislation is the Republican attempt to federally legalize and tax marijuana. To This would be an option to pending far-reaching, Democratic-led reform proposals. And scaled-down GOP cannabis descheduling legislation. Beyond the Schumer bill, there’s also legalization legislation that passed the House Judiciary Committee in September.
Overall the growth of the industry has come a long way. From once being a taboo topic to Congress working towards ending cannabis prohibition. It seems that all parts of top political figures and parties are working to be the first to get it done. With the passing of federal reform it’s possible to see a big wave of momentum in the sector, More so pertaining to the publicly traded side of the businesses.
Meaning many feel that once cannabis prohibition comes to end it’s possible to see marijuana stocks run. If you have been watching over the last several months any positive news about the reform has transcended into a good day of trading. So for now it’s a waiting game to see what will come of federal reform and who will be the one to get it done first.