The goal is for cannabis to be removed from the Controlled Substances Act. In this way, each of the states can set their own regulations on the use of the plant, while legalizing its sales. Therefore, legalization can also include taxes.
However, this was not the most striking point of the initiative. The project has an important social aspect: working with recreational cannabis users. Especially with those who belong to communities of color. Thus, the law could eliminate conviction records and invest in communities where drug cases have been most harshly dealt with. Thus, they will be the ones who take part of the proceeds of the legalization.
Cannabis decriminalization: fighting uncertainty
Jerry Nadler, chairman of the House Judiciary Committee, indicated that cannabis has to cross a threshold toward general acceptance. Also when faced with an uncertain vote from the entire House and a hostile hearing in the Senate.
Both Republicans and Democrats agree that the legalization of cannabis in different states has caused a lapse of policy at the federal level. The division of opinions that exists is what causes entrepreneurs in the cannabis industry to have access to credit and other banking services. All this slows down the development of the business worldwide.
The bill has few managers. Skeptical lawmakers could act to stop the proposal. Thanks to the MORE Act, some of the prisoners could be released from prison. It is planned to apply it to previous and pending convictions.
This initiative aims for the courts to hold hearings to review the case of people who are under correctional supervision. Therefore, being a cannabis user could no longer be used as an excuse to deny immigrants citizenship or prevent them from receiving federal benefits.
Benefits for all
The bill offers different grants. These are designed to compensate victims of previous laws. For example, the intention is to authorize the evaluation of a 5% sales tax on products made with cannabis. Likewise, an Opportunities Trust Fund would be created.
The money could be used to offer legal assistance. Similarly, loans could be provided to entrepreneurs of color who want to enter the cannabis industry and help create addiction treatments.
As a result of opening for trading, the value of publicly traded shares rose more than 10%. Companies like Canopy Growth, Aurora Cannabis, Aphria and Tilray increased the value of their shares between 8 and 15%. A real achievement for the industry.