Did you see the news out of Washington, DC, today?
Senate Majority Leader Chuck Schumer, with Senators Booker and Wyden, formally introduced the Cannabis Administration and Opportunity Act (CAOA) to end federal marijuana prohibition. Circulated initially as a discussion draft in July 2021, the finalized version of this historic bill is now pending action in the United States Senate.
CAOA removes cannabis from the Controlled Substances Act schedule entirely, ending the threat of federal prosecution for possession and licensed commercial activity, and allows states to implement their cannabis policies free from federal interference. It also eliminates many hurdles currently facing regulated state cannabis markets, including lack of access to financial services, the inability to deduct standard business expenses when filing federal taxes, and the lack of uniform national regulatory standards and guidelines. The legislation also reinvests in communities that have been disproportionately impacted by prohibition, provides for the expungements of past criminal records, and would help improve diversity and inclusion in regulated cannabis markets.