Senate Democrats have just revealed a plan to legalize cannabis at the federal stage. Their plan would remove cannabis from the federal controlled substances act, and make it legal for anyone under the age of to buy marijuana. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
Senate Majority Leader Chuck Schumer proposed Wednesday legislation to legalize marijuana at federal level. This move was aimed at relaxing restrictive drug policies that adversely affect communities of color and the poor.
The Cannabis Administration and Opportunity Act would allow marijuana to be removed from the Controlled Substances Act and establish regulations for taxing cannabis products.
This proposal would erase federal records of nonviolent cannabis offenders from the federal system and allow those currently in federal prison for nonviolent marijuana offenses to petition a court to resentence them.
“This is a monumental. “This is a monumental step. Along with Senator Cory Booker (D-N.J ) and Ron Wyden (D-Ore.), Schumer revealed the draft.
According to a draft bill, the plan would also create an Opportunity Trust Fund using new cannabis tax revenue to invest in programs that benefit communities most affected by “failed War on Drugs.”
Due to its opposition by Republicans and moderate Democrats, the plan to decriminalize pot will face a difficult battle in the Senate. It has not been supported by President Joe Biden. To pass the bill through the Senate, Schumer will need 60 votes. This includes at least 10 GOP voters.
37 States and the District of Columbia, have so far legalized medical cannabis use. 18 States and D.C. have also legalized adult recreational cannabis use. Federal law still makes cannabis illegal.
According to public polling, nearly 70% Americans support legalizing this drug.
Booker stated in a statement that “for decades, our federal government waged a War on Drugs which has unfairly affected low-income communities or communities of color.” “While marijuana is legalized in many states, the federal government remains woefully behind,” Booker said. It’s time for Congress and the White House to repeal federal prohibition on marijuana and invest in the communities hardest hit by the failed War on Drugs .
>> Subscribe to CNBC TV: n
>> Subscribe to CNBC: C
>> Subscribe to CNBC Classic:
CNBC TV is your source for the most recent stock market news and analysis. CNBC TV is the global leader in business news, covering everything from market futures to live price alerts.
CNBC’s Daily News Podcast, The News with Shepard Smith, provides deep, non-partisan coverage of the most important stories and perspectives. Available to listen by 8: 30pm ET / 5: 30pm PT daily beginning September 30:
Connect with CNBC News Online
Get the latest news: /
Follow CNBC on LinkedIn: C
Follow CNBC News on Facebook: C
Follow CNBC News on Twitter: C
Follow CNBC News on Instagram: C