A cannabis legalization bill has cleared the Senate Judiciary Committee for the first time in history, advancing federal decriminalization to a full Senate vote expected this summer.
Bill Provisions
- Removes cannabis from Schedule I controlled substances
- Expunges federal cannabis convictions
- Creates federal regulatory framework (similar to alcohol)
- 5% federal excise tax
- States retain right to prohibit
38 states already have some form of legal cannabis. Federal legalization would resolve banking access issues for cannabis businesses and allow interstate commerce. The bill has 58 co-sponsors — 2 short of the 60 needed to overcome a filibuster.
