House Committee Passes Cannabis Legalization Bill
The House Judiciary Committee approved the Marijuana Opportunity Reinvestment and Expungement Act of 2019 or the MORE Act Wednesday, a bill that would remove cannabis from the list of federally controlled substances. “Would” is the operative word here. If the bill passed the full House, it would still have a tough time in the Republican-controlled Senate.
The vote is nonetheless historic. It "marks a turning point for federal cannabis policy and is truly a sign that prohibition's day are numbered,” said Aaron Smith, executive director of the National Cannabis Industry Association (CBS). Marijuana stocks rallied on the news.
In addition to decriminalizing cannabis and leaving marijuana policy up to the states, the MORE Act would mandate automatic expungements for past marijuana convictions and impose a 5% tax on cannabis products.
Wednesday’s vote was 24 to 10. It passed with support from both parties. It now heads to another committee for vetting.
Read more at Marijuana Business Daily.