Below is a brief excerpt from a complimentary research note written by our Cannabis analysts Howard Penney and Daniel Biolsi. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
The Senate Majority leader says marijuana legalization is a top priority, and he’s vowing to release legislation early this year that will “ensure restorative justice, protect public health and implement responsible taxes and regulations.”
Two other Democratic senators joined Schumer’s for overhauling federal cannabis policies: Finance Chair Ron Wyden of Oregon and Cory Booker of New Jersey.
There’s widespread optimism among the public and the cannabis industry that federal marijuana reform is possible now that Democrats are in total control of the federal government. Senator Schumer has become increasingly vocal about his support for marijuana legalization, including a recent Instagram live event.
He vowed that his legislation would leave cannabis regulation largely up to the states instead of FDA involvement.
While this is a great start, any major changes to federal cannabis policy will almost certainly require 60 votes to pass in the Senate. Suggesting the DEMS will need a bunch of Republicans to see wide-spread comprehensive federal marijuana prohibition.
Right now, that still seems an unlikely prospect. Still in the cards is less-comprehensive cannabis proposals, like banking legislation/tax reform, will have a better chance of passing.