420 with CNW — House Approves Federal Marijuana Legalization Measure

Last week, the U.S. House of Representatives approved a measure that would legalize cannabis across the country as well as eliminate criminal penalties for any individual who possessed, distributed or manufactured the substance. Legislators passed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act in a 220 to 204 vote. The same act was approved in the House in 2021 but failed to advance in the Senate.

This measure, which was sponsored by House Judiciary Chairman Jerrold Nadler, will deschedule marijuana from the government’s Schedule I classification under the Controlled Substances Act. It will also set up procedures for the expungement of prior convictions from individuals’ records and levy a tax on the sale of marijuana products. This tax will start at 5%, before eventually increasing to 8%.

Funds raised through the imposed tax will be directed to a fund set up to provide youth recreation programs, re-entry services, legal aid, substance-use treatment programs, mentoring programs and job training programs. It will also offer loans to small businesses involved in the marijuana industry. Qualifying companies must be controlled and owned by economically and socially disadvantaged individuals.

In her remarks last week about the legislation, House Speaker Nancy Pelosi stated that the landmark bill was one of the most important criminal justice reform measures in recent history. Pelosi stated that the measure would decriminalize cannabis at the federal level, provide opportunities for individuals to participate in the cannabis industry and deliver justice for individuals harmed by the unfair and brutal consequences of the criminalization of marijuana, so that the grave mistakes of the past wouldn’t be repeated.

The House Speaker also called attention to the changes made at the state level over the past few decades, noting that it was time for the federal government to jump on the bandwagon. Thus far, Washington, DC, and 18 other states in the country have legalized cannabis for recreational use, with DC and another 37 states also enacting laws to legalize medical cannabis. California was the first state in the country to legalize medical cannabis in 1996.

Meanwhile, Senators Cory Booker and Ron Wyden are working with Senate Majority Leader Chuck Schumer to draft a similar legalization measure in their chamber. However, prospects for approving such a measure in the Senate appear to be slim given that Democrats would need every member as well as 10 Republicans to overcome the 60-vote obstacle that is required for the measure to advance to a final vote.

Should marijuana prohibition be ended at the federal level, entities such as Advanced Container Technologies Inc. (OTC: ACTX) will grow a lot faster because of the wider market that will be opened.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

Denver, Colorado
303.498.7722 Office

CNW420 is part of the InvestorBrandNetwork.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s