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Senate Democrats Unveil Plan to Legalise Cannabis Across US

Stockhouse Editorial
1 Comment| July 16, 2021

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This week, three US Democrat senators released a discussion draft of a bill that aims to legalise cannabis.

US Senate majority leader Chuck Schumer, finance chairman Ron Wyden and new Jersey Senator Cory Booker unveiled the Cannabis Administration and Opportunity Act aims to remove cannabis from the federal list of controlled substances.

Adult recreational use of cannabis is legal in 18 states, and allowed medically in 37 states, it remains illegal under US federal law, deterring banks and others from dealing with companies that sell marijuana or related products.

The minimum age required to buy cannabis will be 21 years, much like alcohol and cigarettes, while limited retail sales transactions at the state level to 10 Oz. of cannabis at a time or the equivalent amount of any cannabis derivative.

In early February this year, the three Democrat senators had called for “ending the federal marijuana prohibition” and promised a “comprehensive cannabis reform legislation.”

The draft bill will have to pass both the Democratic-controlled Senate and House of Representatives and be signed by President Joe Biden, to become law.

A final legislative draft will be introduced later and feedback on the discussion draft can be provided until September 1st, 2021.


New to investing in Cannabis? Check out Stockhouse tips on How to Invest in Cannabis Stocks and some of our Top Cannabis Stocks.

For more of the latest info on Cannabis, check out the Cannabis Trending News hub on Stockhouse.


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