Below is a brief excerpt from a complimentary research note written by our Cannabis analyst Howard Penney. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
House Judiciary Chair Jerry Nadler reintroduced a bill on Friday that would eliminate federal marijuana penalties, expunge certain federal cannabis records and create a grant program for individuals impacted by the war on drugs.
"Since I introduced the MORE Act last Congress, numerous states across the nation, including my home state of New York, have moved to legalize marijuana. Our federal laws must keep up with this pace," Jerry Nadler.
The MORE Act passed the House last December, and the reintroduction does not come as a surprise but has little chance of going far (the bill passed the House 228-164 last December).
The new legislation has several changes, including removing language added to last year's version that prohibited anyone with a felony record from applying for a cannabis license.
Some technical changes to the language surrounding Small Business Administration funds align more closely with already-existing SBA programs for women, minorities, and veterans.
Those programs will be available to anyone in the cannabis industry once federal penalties are removed.
The Cannabis industry is awaiting the Senate's work on its own piece of comprehensive cannabis legislation.
Majority Leader Chuck Schumer and Democratic Sens. Ron Wyden (Ore.) and Cory Booker (N.J.) have a timeline that is very unclear with Schumer's canned "coming soon" whenever quoted about the timeline.