According to a source familiar with the situation, Senate Democrats could introduce legislation that would decriminalise marijuana at the federal level as early as next week.
According to reports, Senators Cory Booker and Ron Wyden as well as Majority Leader Chuck Schumer collaborated on the legislation. The bill’s draught had previously been distributed to Senate committees for comments.
Unknown is how likely it is to pass the Senate with a simple majority. But after learning that the law might be introduced next week, cannabis stock prices have subsequently skyrocketed.
Effects on Share Market Stock
Shares of Tilray Brands, a multinational medicinal, cannabis-lifestyle, and CPG firm, increased by roughly 14%. Investors are also swarming into Canopy Growth (up 11% since last year) and Aurora Cannabis, two Canadian producers (up 11 per cent).
With its stock climbing about 4% today, Cronos Group, a business specialising in cannabis technology and product development, also saw a good shift.
As U.S. stocks plunged dramatically on Thursday, the S&P 500 saw its sixth straight day of losses.
According to a draught of the marijuana legislation, legalising marijuana would put an end to the drug war, which is described as a war against people in general and people of colour in particular.
The act’s website declares that it “aims to address the decades of suffering imposed on communities of colour by removing cannabis from the federal list of controlled narcotics and giving states the authority to enact their own cannabis laws.”
Why It Is Necessary to Decriminalize
The draught indicates that adult use of marijuana is authorised in 18 states and that 90% of Americans think that cannabis should be legal for either adult use or medical use.
In addition to decriminalising cannabis on a federal level, the bill would also expunge federal nonviolent marijuana crimes, establish a fund from federal cannabis tax revenue to reinvest in communities affected by drug offences, and offer financial assistance to business owners of colour who encounter obstacles in the industry.
States Would Still Be Permitted to Set Their Own Marijuana Regulations.
The House passed a resolution in April decriminalising marijuana and ordered the records of anyone convicted of non-violent cannabis offences to be sealed. The Marijuana Opportunity Reinvestment and Expungement Act was passed, but it did not proceed.
Stay tuned to enviro360 for more infotainment news.