Chuck Schumer to Introduce Legalization Bill This Week

Senate Democrats are expected to finally introduce a cannabis legalization bill this week, Bloomberg reports. The bill was crafted by Majority Leader Chuck Schumer, Senator Cory Booker (D-NJ), and Senator Ron Wyden (D-Oregon). It is titled the Cannabis Administration and Opportunity Act.

The bill would remove marijuana from the Controlled Substances Act, but allow states to ban or legalize production and distribution of the product. Legal marijuana would be subject to a federal tax. The bill also contains an equity component, which would offer grants for businesses and entrepreneurs in underserved communities. Additionally, it would offer relief for those convicted of marijuana-related crimes.

It is unlikely that Schumer et al. will have enough votes in the Senate to pass the bill. Nevertheless, cannabis stocks soared after news of its impending introduction broke on Thursday.

You can read about the resulting stock rally at Yahoo Finance.