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The leader of the U.S. Senate and colleagues will be releasing a discussion draft of a long-awaited bill to federally legalize cannabis on Wednesday, Marijuana Moment has learned.

Two sources who were briefed on the plans said that Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) will hold a press conference Wednesday to unveil a preliminary version of what’s being titled the Cannabis Administration and Opportunity Act.

Details of the proposal’s provisions are not yet available, but the purpose of the draft being released is to spark conversation to inform what will be a formal introduction of the bill at a later date. Advocates have been anxiously anticipating the legislation, which Schumer has repeatedly said was coming “soon” after he, Wyden and Booker first pledged in February that it would be ready “in the early part of this year.”

Since then, the majority leader has been making the case for reform everywhere from the Senate floor on 4/20 to a cannabis rally in New York City.

Beyond ending prohibition, Schumer said the proposal he and his colleagues are working on will “ensure restorative justice, public health and implement responsible taxes and regulations,” similar to what New York lawmakers sought to accomplish in a legalization bill that the governor signed into law this year.

The three senators formally started their efforts on the legalization bill by holding a meeting earlier this year with representatives from a variety of advocacy groups to gain feedback on the best approach to the reform.

Schumer made a point in March to say that it will specifically seek to restrict the ability of large alcohol and tobacco companies to overtake the industry. Instead, it will prioritize small businesses, particularly those owned by people from communities most impacted by prohibition, and focus on “justice, justice, justice—as well as freedom,” he said.

He also urged voters to reach out to their congressional representatives and tell them that “this is long overdue.”

Meanwhile, a House bill to federally legalize marijuana and promote social equity in the industry was reintroduced in May.

The legislation, sponsored by Judiciary Committee Chairman Jerrold Nadler (D-NY), was filed with a number of changes compared to the version that was approved by the chamber last year.
https://www.marijuanamoment.net/schumer-to-unveil-federal-marijuana-legalization-bill-on-wednesday/