Change drives innovation, and the U.S. is poised for a seismic shift in cannabis legislation with broad implications for social justice and economic health. Several notable pieces of legislation are currently proposed or working their way through Congress. These include the Cannabis Administration & Opportunity Act (CAOA), a bill that Senate Majority Leader Chuck Schumer (D-NY) plans to file in April 2022. CAOA would decriminalize cannabis and support research, public safety, and restorative social justice initiatives. There is also the Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which would eliminate criminal penalties and remove cannabis from the controlled substances list. Even if cannabis were to be legalized on the federal level, there remain significant hurdles regarding the industry’s access to financial institutions. The bipartisan Secure and Fair Enforcement (SAFE) Banking Act, which is widely expected to receive a favorable vote, would allow cannabis companies to access needed banking services without financial institutions running afoul of the law. If these bills are signed into law, they have the potential to spur significant societal change, including greater racial parity and positive changes in the business climate.
420 Intel – Marijuana Industry News, 04/18/2022 20:00:00