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2021-07-14

Senators unveil plan to end federal prohibition of cannabis

Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D.

Senators unveil plan to end federal prohibition of cannabis

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Ron Wyden (D., Oreg.) and Sen. Cory Booker (D.","content":"<p>Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.</p>\n<p>The proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.</p>\n<p>\"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"</p>\n<p><img src=\"https://static.tigerbbs.com/900717536078796fae6f2dc33035fa23\" tg-width=\"705\" tg-height=\"470\" referrerpolicy=\"no-referrer\">Servers prepare drinks for guests in front of three of the 50 cash registers at a VIP Event at Planet 13, which has an over-the-top superstore dispensary in Las Vegas, is opening what's billed as the \"second-largest cannabis superstore in the world\" on June 24, 2021 in Santa Ana, CA. (Gary Coronado / Los Angeles Times via Getty Images)More</p>\n<p>The proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.</p>\n<p>The Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"</p>\n<p>The plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.</p>\n<p>The plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.</p>\n<p><img src=\"https://static.tigerbbs.com/576fdad87970d904104ffbbba3f26400\" tg-width=\"705\" tg-height=\"470\" referrerpolicy=\"no-referrer\">People congregate on Union Square for Annual Cannabis rally to celebrate legalization of recreational marijuana in New York State. There was free distribution of joints for those who showed vaccination proof as well as signing up. (Photo by Lev Radin/Pacific Press/LightRocket via Getty Images)MoreExcise taxes</p>\n<p>The plan would impose an excise tax on cannabis products, similar to how the government taxes alcohol and tobacco. The general tax rate would be 10% for the year it's enacted and the full year after. It would gradually rise each year to 25%. Starting in the fifth year, the Treasury Secretary would set a rate based on quantity sold or milligrams of THC. Rates would be based on prevailing price of cannabis sold in the U.S. the prior year.</p>\n<p>Cannabis producers with less than $20 million in sales annually would be eligible for a tax credit to reduce their rate by 50%.</p>\n<p>\"When you can legalize something like this — where millions of millions of Americans have already voted that way — that can be a real plus for the economy. Certainly it can be a real plus for small businesses, for communities of color,\" said Wyden in an interview with Yahoo Finance in February.</p>\n<p><img src=\"https://static.tigerbbs.com/e9bf4362c536ae71901cef6d287fbec8\" tg-width=\"705\" tg-height=\"519\" referrerpolicy=\"no-referrer\">Cannabis Administration and Opportunity Act, Sens. Booker, Wyden, and Schumer</p>\n<p>President Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.</p>\n<p>The senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. The proposal faces a difficult vote in the evenly-divided Senate.</p>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Senators unveil plan to end federal prohibition of cannabis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSenators unveil plan to end federal prohibition of cannabis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-14 17:40 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/senators-unveil-plan-to-end-federal-prohibition-of-cannabis-093005691.html><strong>finance.yahoo</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/senators-unveil-plan-to-end-federal-prohibition-of-cannabis-093005691.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TLRY":"Tilray Inc.","ACB":"奥罗拉大麻公司"},"source_url":"https://finance.yahoo.com/news/senators-unveil-plan-to-end-federal-prohibition-of-cannabis-093005691.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126687531","content_text":"Senate Majority Leader Chuck Schumer (D., N.Y.), Sen. Ron Wyden (D., Oreg.) and Sen. Cory Booker (D., N.J.) are unveiling a discussion draft of their legislation to end the federal prohibition of marijuana. The senators will detail their plan at a press conference on July 14.\nThe proposal— known as the Cannabis Administration and Opportunity Act — calls for removing cannabis from the federal list of controlled substances, allowing states to make their own decisions on cannabis. Many states have already moved to legalize recreational or medicinal marijuana use, but it still remains illegal under federal law.\n\"By ending the failed federal prohibition of cannabis, the Cannabis Administration and Opportunity Act will ensure that Americans – especially Black and Brown Americans – no longer have to fear arrest or be barred from public housing or federal financial aid for higher education for using cannabis in states where it’s legal,\" reads the discussion draft. \"State-compliant cannabis businesses will finally be treated like other businesses and allowed access to essential financial services, like bank accounts and loans. Medical research will no longer be stifled.\"\nServers prepare drinks for guests in front of three of the 50 cash registers at a VIP Event at Planet 13, which has an over-the-top superstore dispensary in Las Vegas, is opening what's billed as the \"second-largest cannabis superstore in the world\" on June 24, 2021 in Santa Ana, CA. (Gary Coronado / Los Angeles Times via Getty Images)More\nThe proposal establishes 21 as the minimum age to purchase cannabis and limits retail sales to no more than 10 ounces of cannabis. It calls for federal agencies to research the impacts of cannabis use, legalization and cannabis-impaired driving — including research to establish an impairment standard for driving under the influence of cannabis.\nThe Democratic trio has been working on the legislation for months. In an interview withYahoo Financeshortly after they announced their plan to work on the proposal, Sen. Wyden said Congress should \"finally recognize that the War on Drugs has failed.\"\nThe plan would require expungement of federal non-violent cannabis convictions and encourage state and local governments to do the same. It would keep people from being denied federal benefits — such as housing or federal financial aid — because of cannabis use or possession. People who are not U.S. citizens could not be denied benefits or protection under immigration laws.\nThe plan would also create new grant programs to fund nonprofits that help people who have been \"adversely impacted by the War on Drugs.\" It would make loans available to small businesses in the cannabis industry and help states and localities implement cannabis licensing programs.\nPeople congregate on Union Square for Annual Cannabis rally to celebrate legalization of recreational marijuana in New York State. There was free distribution of joints for those who showed vaccination proof as well as signing up. (Photo by Lev Radin/Pacific Press/LightRocket via Getty Images)MoreExcise taxes\nThe plan would impose an excise tax on cannabis products, similar to how the government taxes alcohol and tobacco. The general tax rate would be 10% for the year it's enacted and the full year after. It would gradually rise each year to 25%. Starting in the fifth year, the Treasury Secretary would set a rate based on quantity sold or milligrams of THC. Rates would be based on prevailing price of cannabis sold in the U.S. the prior year.\nCannabis producers with less than $20 million in sales annually would be eligible for a tax credit to reduce their rate by 50%.\n\"When you can legalize something like this — where millions of millions of Americans have already voted that way — that can be a real plus for the economy. Certainly it can be a real plus for small businesses, for communities of color,\" said Wyden in an interview with Yahoo Finance in February.\nCannabis Administration and Opportunity Act, Sens. Booker, Wyden, and Schumer\nPresident Joe Biden backed decriminalization of marijuana on the campaign trail, but the White House has not backed legalization efforts. In December, the Housepassed the MORE Act— which would remove marijuana from the controlled substance list and create restorative justice programs. Earlier this year, Rep. Jerry Nadler (D., N.Y.)reintroducedthe legislation.\nThe senators are asking for input on the proposal by Sept. 1, so they can consider feedback before crafting the final bill. 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Senators unveil plan to end federal prohibition of cannabis

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