As the leader of the U.S. Senate discuss In the draft bill for legalization of marijuana at the federal level, giants in the marijuana industry are preparing for what may happen next.
If it passes, then Marijuana Regulation and Opportunity Act Cannabis will be removed from the Controlled Substances Act, federal convictions for nonviolent marijuana crimes will be eliminated, and a method of taxing marijuana will be established.
It will also provide Canadian Tilray and other cannabis pharmaceutical companies with opportunities to shine in the U.S.
“I think in the next 18 to 24 months, some form of marijuana will be legalized,” Tilray CEO Owen Simon Tell Yahoo Finance“Trust me: when legalization does happen, we will be ready to…be part of it.”
Currently, there are 18 states and Washington DC legalization Recreational marijuana, while 37 states have legalized medical marijuana.
“My script is to create the largest consumer brand-based cannabis company,” Simon said. “These brands will be built around adult use, they will be built around medical marijuana, [and] It will be built around drinks, food and food. “
As for President Joe Biden, he supports legalizing marijuana at the federal level, reclassifying it as a Schedule II drug for further research, and deleting previous criminal records. White House Press Secretary Jen Psaki told reporters at a conference that he also approved the legalization of medicinal marijuana and gave states the power to choose whether to allow its recreational use. April press conference.
Despite these promising views on the legalization of marijuana in the near future, the passage of the bill in the Senate may present some challenges.
Chuck Schumer, the initiator of the bill and the majority leader, will need to gather 60 votes. This means that given the 50-50 split in the Senate, he will need the support of at least 10 Republicans.
According to the New York TimesLiberal Republicans generally support ending the ban on marijuana. However, party leaders may oppose the Democratic Party’s plan, especially the plan emphasizes restorative justice and government intervention in the cannabis industry.
“This is not just a ripe idea; it should have been done a long time ago,” Schumer said at a press conference at the Capitol. “We have all seen the pain of a young man being arrested for having a small amount of marijuana in his pocket. Because of the excessive criminalization of marijuana in history, they have a very serious criminal record and they have to spend a lifetime.
