On July 23rd, 2019 legislation was filed to decriminalize marijuana across by Jerrold Nadler and Kamala Harris, who are U.S House Judiciary chair and a presidential candidate, respectively. The bill would open the doors for various legitimate marijuana producers if it came into play.
Much like the governmental legislation of hemp, the Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019 brought forward by Nadler and Harris would seek to strike marijuana from the Controlled Substance Act altogether. Marijuana is currently listed as a Schedule 1 drug and the bill. If brought to the fore, Nadler, who is the chair of the House Judiciary Committee, will have a vast command on the advancement of the cannabis industry, with his opinion possibly influencing the opinions of the full chamber of representatives.
The bill currently has four joint sponsors in the Senate of which one is Republican, but with twenty-seven in total, the sponsorship is not to be disregarded. Included in the legislation is the fact that cannabis sales would be taxed at 5%. Minority socially and economically disadvantaged groups would also benefit by being eligible for small business loans, while others in the know are insisting that a “reparations to minorities” clause should be included to compensate those who were penalized during the war on drugs period.
In a public statement, Neal Levine, CEO for the Cannabis Trade Federation said that by having numerous cannabis production businesses, who would still be regulated by the government, scattered throughout the US, the potential to employ people increased substantially and that the positive tax implications on revenue could reach billions of dollars.