For the first time in history, a congressional committee has approved a bill to end federal marijuana prohibition.
The House Judiciary Committee passed the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act in a 24-10 vote on Wednesday, setting the stage for a full floor vote.
The vote saw two Republicans—Reps. Matt Gaetz (R-FL) and Tom McClintock (R-CA)—join their Democratic colleagues in support of the bill.
This week, we will very likely have the first vote to outright end federal marijuana prohibition. The House Judiciary Committee has posted a markup for HR 3884, the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act on Wednesday, November 20th and they will likely hold a vote on the same day.
The House Judiciary Committee will hold a markup Wednesday on legislation to decriminalize marijuana federally and reassess marijuana-related convictions, the panel announced Monday.
Committee Chairman Jerrold Nadler (D-N.Y.) will join other House Democrats, including Reps. Barbara Lee (Calif.) and Earl Blumenauer (Ore.), on Tuesday to highlight the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. Sen. Kamala Harris (D-Calif.) has introduced similar legislation in the Senate.
This situation is common for a “cannabis-related legitimate business or service provider” (CRLB) operating in New Jersey and other states, because the federal government classifies marijuana as a Schedule 1 controlled substance, creating a conflict in authority. Schedule 1 classification defines marijuana as having (i) a high potential for abuse, (ii) no currently accepted medical use, and (iii) no accepted safety standards for its use under medical supervision.
Legislation that would allow cannabis companies access to banking services in states where weed is legal was approved today by the U.S. House of Representatives.
New Jersey’s House delegation approved the bill along party lines, with only Rep. Christopher Smith (R-Hamilton), the lone Republican congressman from New Jersey, voting against the measure.
House leadership confirmed on Friday that a bipartisan marijuana banking bill will receive a floor vote next week despite objections from several leading advocacy groups who want broader justice-oriented cannabis reforms to advance before what they see as an industry-focused proposal.
The Secure and Fair Enforcement (SAFE) Banking Act, which cleared the Financial Services Committee in March, will be voted on through a process known as suspension of the rules, requiring two-thirds of the chamber (290 members) to support it for passage.
Over the past seven months cannabis legalization advocates have achieved some remarkable victories in states across the nation. So far 2019 has been a hallmark year.
Those big wins include:
The Marijuana Opportunity Reinvestment and Expungement (MORE) Act of 2019 could open massive business opportunities for legal cannabis firms around the country, similar to the federal legalization of hemp, if it passes. But that’s a big “if.”
Experts point out major reform before 2021 has long odds because of resistance in the Republican-controlled Senate.
But here’s the new normal:
Bills that would legalize and tax marijuana at the national level, and provide opportunities for people convicted of federal pot crimes to clear their records, were introduced July 23, 2019, in Congress.
The companion legislation in the House and Senate were introduced by Democratic Sen. Kamala Harris of California and U.S. Rep. Jarrold Nadler of New York, the chairman of the powerful House Judiciary Committee.
An important issue for the future of marijuana businesses won crucial support this week on Capitol Hill. Several U.S. senators expressed support for giving banking access to the billion-dollar marijuana industry, which deals almost exclusively in cash.
Marijuana is legal in 33 states but still illegal under federal law, so any bank that handles marijuana money can be charged with money laundering. That threat makes it difficult for most growers and sellers to get a bank account for their business.