Senators Schumer, Booker, and Wyden File Long-Awaited Federal Cannabis Bill

Senators Schumer, Booker, and Wyden File Long-Awaited Federal Cannabis Bill
CANNANNEW REPORT

Foley Hoag LLP AUTHOR  Cecilia Oyediran Yesterday, Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) formally filed the much-anticipated Cannabis Administration and Opportunity Act (CAOA), a comprehensive bill to decriminalize, regulate, and tax cannabis. If passed, the CAOA would end federal cannabis prohibition by removing cannabis from the Controlled Substances Act, and establish a federal regulatory framework to “protect public health and safety; and prioritize restorative and economic justice.” The bill would also allow states to continue regulating cannabis within their borders. The CAOA contains a number of significant provisions, including: Removes cannabis from the Controlled Substances Act, and eliminates federal prohibitions in states that have chosen to legalize medical cannabis, or adult-use cannabis for people aged 21 and up. The proposed law also expressly permits interstate commerce, and licensed businesses will be allowed to transport cannabis through states that continue to prohibit cannabis even if they cannot sell it there. Federal enforcement for trafficking will remain in states that have not legalized cannabis and in legal states that impose laws for trafficking. Transfers federal jurisdiction over cannabis from the Drug Enforcement Agency to the Food and Drug Administration (FDA) and the Alcohol and Tobacco Tax and Trade Bureau (TTB) within the Treasury Department, implementing a regulatory regime similar to alcohol and tobacco. Establishes a Center for Cannabis Products within the FDA to regulate and establish standards for “the production, labeling, distribution, sales and other manufacturing and retail elements of the cannabis industry.” Eliminates the application of 280E to cannabis businesses, allowing them to claim deductions for businesses expenses, and implements the following excise tax on cannabis products. For small and mid-sized producers, the excise tax would begin at 5 percent and gradually increase to a maximum of 12.5 percent. For…

Excerpt only …
READ MORE BELOW
Source : Senators Schumer, Booker, and Wyden File Long-Awaited Federal Cannabis Bill

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.