Marijuana Opportunity Reinvestment and Expungement Act of 2021
Democratic Congressman Jerry Nadler, of New York, has reintroduced H.R. 3617, also known as the MORE Act, into the House of Representatives. The bill seeks to decriminalize marijuana by removing it from the Controlled Substances Act.
Today @HouseJudiciary passed the MORE Act, long overdue legislation that reverses failed federal policies criminalizing marijuana. It also takes steps to address the heavy toll this policy has taken on communities across the country.
— Rep. Nadler (@RepJerryNadler) September 30, 2021
Status in Congress
The last bill (also titled the MORE Act), H.R. 3884, was successfully passed by the House in 2020 but stalled and died in the Senate as the year came to a close and the 117th legislative session began. Now, Nadler seeks to rally support for the bill once again and move it through the House.
With even more states joining the growing body of areas where marijuana is legal, the outlook is at least the same if not better for the House passing the act.
Chuck Schumer has stated that there are agreements that small, step-wise reform will not be on the Senate ticket until we see more widespread reform for Cannabis legality. So, while the SAFE Banking act may be sitting around in the Senate queue, the MORE act seems to be the lynchpin for passage of more targeted legislation that would seek to affect current and future Cannabis companies.
The main provisions of the Act:
- Removing “marihuana” from the Controlled Substances Act.
- Removing mention of Cannabis from various statutes and rules regulating the FAA, FTA, and other federal agencies.
- Retroactively applies to any conviction or arrest made under the authority of those statutes, and nullifies them.
- Mandating yearly public meetings on the status of Cannabis in the states.
- Imposition of a federal Cannabis tax of 5-8% depending on its category.
The MORE Act would open up a lot of opportunities for Cannabis companies. Banking access, public trading, and the ability to grow our industry without fear of prosecution will unleash lots of pent-up potential in this space.
Loosening the grip of the federal government on Cannabis should result in more states following suit with reform at their own pace or faster with the lifting of federal restrictions.
With a new focus on revenue generation, the Cannabis industry is expected to experience a boom in uptake and innovation as traditional businesses with access to financial tools enter this space with a whole new market available to them with wide-open pockets.
The MORE Act has been reintroduced into Congress. It’s expected to pass the House but may still end up stalled in the Senate by lack of support. We can hope that with Chuck Schumer heading up the Majority in the senate, things may be different this time around.
The MORE Act would bring a lot of positive changes to the Cannabis industry.
This is an opinion piece about an idea, not legal advice or financial advice. Please conduct your own research on all topics that interest you for potential investments.
Read the text of the bill below ∇BILLS-117hr3617ih