U.S. House gears up for historic vote on cannabis legalization (seeking alpha) (GET IN NOW! IMO)
Dec. 04, 2020 9:53 AM ETAurora Cannabis Inc. (ACB)By: Mamta Mayani, SA News Editor1 Comment
Members of the U.S. House of Representatives are expected to cast a historic vote today on the Marijuana Opportunity Reinvestment and Expungement Act, or MORE Act, which would remove pot from the U.S. list of controlled substances.
The bill, would decriminalize marijuana on the federal level and create pathways for ownership opportunities in the emerging industry, allow obtaining medical cannabis recommendations and establish funding sources to reinvest in communities affected by the war on drugs.
However, MORE Act is unlikely to become law soon because the U.S. Senate has not shown willingness to act on it. Also, the drug wouldn’t automatically become legal nationwide, as each state would utlimately determine whether pot could be sold there.
The vote would arrive roughly a month after five states — New Jersey, Arizona, Montana, South Dakota and Mississippi — voted on Election Day to legalize recreational or medical cannabis.
Rep. Earl Blumenauer said last week the vote would be the first held by the full House or Senate on a measure to end federal pot prohibition since it took hold via the Controlled Substances Act of 1970.
"It is the right thing to do," said a co-sponsor of the MORE Act, Rep. Earl Blumenauer.
Marijuana stocks have also risen as Democratic President-elect Joe Biden prepares to transition into the White House.
