The U.S. House of Representatives approved the MORE Act a federal cannabis legalization bill. The Marijuana Opportunity Reinvestment and Expungement (MORE) Act was introduced by House Judiciary Chairman Jerrold Nadler, a Democrat from New York. It passed the House 220 “yea” votes to 204 “nay” votes.
“President Joe Biden agrees with most Democratic lawmakers that ‘our current marijuana laws are not working””
White House Press Secretary Jen Psaki
The bill was created to remove cannabis from the federal Controlled Substances Act. It will also impose a federal tax on cannabis product sales.
The legal industry generated $25 billion in sales last year, a 43% increase over 2020, and is also forecasted to be valued at over $43 billion in 2025.
The House previously passed the measure in December 2020 but it was not brought to the Senate floor for a vote, which was controlled by Republicans at the time.
This is Incredible News
This is great news. Legalization has been happening for both recreational and medical marijuana. Companies like the NFL are investing in research and even Military Veterans won’t get penalized from the VA for using cannabis. The one call out is that this still has to be passed in the Senate. However, there is a Republican led cannabis legalization bill also in play. We hope that since the majority of both parties want federal cannabis legalization to happen that this will pass in the Senate.
