U.S. Congress Takes One MORE Step Towards Legalizing Marijuana, But Don’t Hold Your Breath
On November 20, 2019, the House Judiciary Committee took another step towards legalizing marijuana. After a favorable 24-10 vote, the House Judiciary Committee approved the Marijuana Opportunity Reinvestment and Expungement Act of 2019 (the “MORE Act of 2019”), which would decriminalize marijuana at the federal level. The MORE Act of 2019 now heads to the House for review. Although it is unlikely that the Act will pass both the full House and Senate, the favorable vote at the Committee level on this Act reflects continued momentum for social equity components of cannabis laws with a focus on the economically disadvantaged and those disproportionately impacted by the war on drugs, or both.
The MORE Act of 2019 would:
Although the MORE Act of 2019 adds a five (5) percent sales tax to purchases of marijuana, the Act brings much needed banking and tax relief to marijuana business owners. By removing “Marijuana” from the list of federally controlled substances, the MORE Act of 2019 would also:
Please contact us if you have any questions regarding your cannabis business or how the Act may affect the operation of your business.
Link to Bill Text: https://www.congress.gov/116/bills/hr3884/BILLS-116hr3884ih.pdf
DISCLAIMER: The contents of this Alert are for informational purposes only and do not constitute legal advice. If you have any questions about this Alert, please contact the Shulman Rogers attorney with whom you regularly work or a member of the Shulman Rogers Cannabis Industry Group.
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