David Feldman – Hiller PC: Imperfect Schumer bill good step forward

CANNANNEW REPORT

Authored By David Feldman David Feldman is a lawyer, advisor and entrepreneur still deciding what to do when he grows up. He has been a leading out-of-the-box guide to hundreds of growing businesses in his over 30 years of experience. He’s the author of four books on finance and entrepreneurship and is known as one of the leading cannabis finance attorneys in the U.S., having served most recently as Co-Lead of the 60-lawyer Cannabis Practice Group for an AmLaw 100 law firm. Originally published at  https://skipintroadvisors.com/resources/imperfect-schumer-bill-good-step-forward/ Aug 4, 2021  As everyone in the cannabis industry now knows, on July 14, 2021, Senate Majority Leader Chuck Schumer (D-NY) introduced the long awaited proposed Cannabis Administration and Opportunity Act, weighing in at 163 pages. The public can comment on the bill until September 1. In general, the Schumer team worked hard in the months since the Dems took over the Senate to provide a balanced path to federal legalization, albeit with some flaws that hopefully can be addressed. Let’s take a walk through the proposal then a few thoughts on its construction and likely path. Key Elements of Proposal Schumer’s proposal (keep in mind that he is up for reelection in 2022) includes five key pillars: Federally deschedule cannabis- The Attorney General would have 60 days to formalize this and treat cannabis as a dietary supplement with the ability to make claims like other supplements. Purchasers must be 21 years old and cannot purchase more than 10 ounces at a time. Expunge prior convictions- The bill requires, within one year, the expungement of arrests and convictions for non-violent marijuana offenses. Petition for resentencing- The bill would allow people currently under a sentence to petition for resentencing. State opt-out- States’ rights would be preserved with the authority of states to set their own marijuana policies and keep it…

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