Unable to post the entire article so here's the link. GLTA
https://www.adviceforinvestors.com/news/alternative-investments/modest-federal-u-s-cannabis-proposal/#gsc.tab=0
Modest federal U.S. cannabis proposal
The formal version of the Cannabis Administration and Opportunity Act (CAOA) was introduced July 21, co-developed by U.S. Senate Majority Leader Chuck Schumer and Sens. Cory Booker and Ron Wyden (all Democrats). A draft version was released a year ago, and while the formal version was expected by April, Sen. Schumer indicated earlier this year that the release would occur before the Senate takes its August recess.
The legislation got significant airtime/media attention at the July 26 Senate Judiciary subcommittee's hearing called "Decriminalizing Cannabis at the Federal Level: Necessary Steps to Address Past Harms." The hearing will likely offer colour as to how both parties view the legislation.
The legislation would require the Attorney General to finalize a rule removing cannabis from the Controlled Substances Act (CSA) within 180 days of enactment. It would impose a five per cent federal excise tax on small-to-mid-sized cannabis producers, and a 10 per cent tax on large businesses. Those taxes would climb to 12.5 per cent and 25 per cent, respectively, over time.
Criminal records for people with low-level federal cannabis convictions would be expunged. Individual states could choose to prohibit production and sale of cannabis, but not prevent transportation between legal states.
Takeaways from the SAFE Banking cannabis proposal
We believe this legislation is too broad/progressive to gain any traction in a 50-50 Senate, particularly less than four months before midterms. However, we see its introduction (and likely failure) as a necessary step giving Sen. Schumer political cover to pivot his support to more modest reform, such as the SAFE Banking Act.