Senators Chuck Schumer, Ron Wyden and Cory Booker pushing cannabis legalization bill: report

By Steve Gelsi

Lawmakers send letter to colleagues to gauge support for the Cannabis Administration and Opportunity Act

Senate Majority Leader Chuck Schumer, along with fellow Democrats Ron Wyden and Cory Booker, have sent a letter to other elected officials on Capitol Hill for a bill to legalize marijuana on the federal level, according to a report.

Schumer (New York), Wyden (Oregon) and Booker (New Jersey) are planning to reintroduce the Cannabis Administration and Opportunity Act, according to a report by Politico.

The trio are reviving a measure that was introduced in 2022 and plan to file it by the end of this month.

An increasing number of Americans "have made it clear, at ballot boxes, through their legislatures, and with their dollars: the War on Drugs has failed, and the federal government must respect the decision of states that have chosen to legalize cannabis," said the letter circulated Tuesday by the three senators.

"Federal regulation is long overdue to ensure that cannabis products are as safe as possible, to prevent access by children and adults younger than 21, and to ensure that state and local jurisdictions have the resources they need to combat impaired driving," the letter said.

To be sure, Democrats currently have a razor-thin margin in the Senate and less sweeping measures such as the SAFE Banking bill to open up the financial system to legal cannabis companies has never reached a full vote in the chamber after a decade kicking around Capitol Hill.

While legalization remains popular with a majority of Americas, Republicans have been much less supportive.

The House Republican Policy Committee has recommended against the SAFE Banking measure, which is aimed at helping legal cannabis companies conduct financial transactions. The latest version of the bill has been nicknamed the SAFER measure.

Gov. Glenn Youngkin, the Republican governor of Virginia, earlier this month vetoed a statewide measure that would have set up a regulated marijuana marketplace in the state.

The letter from Schumer, Wyden and Booker said a federal law is needed to "ensure that the tens of thousands of people harmed by the failed War on Drugs, predominantly from communities of color, receive the justice they deserve after decades of over-criminalization.

"The federal government must catch up with states and recognize that the prohibition of cannabis has stymied research into the effects of cannabis, made it easier for the illicit market to thrive, and ensnared thousands of people arrested for simple cannabis possession in the criminal justice system."

Thirty-eight of 50 U.S. states currently allow medical use of cannabis and 24 states plus the District of Columbia allow recreational use.

The AdvisorShares Pure U.S. Cannabis ETF MSOS has risen by 44.4% so far in 2024, outpacing the 8.6% gain by the Nasdaq Composite COMP.

Also read: Cannabis stocks extend gains after Biden White House shows support of marijuana reforms

-Steve Gelsi

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04-10-24 0747ET

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