Senate Democratic Majority Leader Chuck Schumer and two other congressmen from his party plan to introduce on Wednesday a draft of a marijuana bill that aims, as its ultimate goal, to decriminalize marijuana at the federal level.
The bill will be called the Cannabis Opportunity and Stewardship Act. It is a new effort by congressmen to legalize the use of cannabis at the federal level, in which they have been involved, along with Schumer, the chairman of the Senate Finance Committee, Ron Wyden, and Senator Cory Booker.
According to Bloomberg, the initiative is expected to help remove cannabis from the federal list of controlled substances.
The bill would also tax and regulate the marijuana trade at the federal level, while leaving states in a position to enforce their own laws regarding the drug.
The senators’ proposal goes beyond mere decriminalization, something President Joe Biden supported during his campaign.
Cannabis companies and industry lobbyists have said that, while they do not yet know the content of the upcoming legislation, they anticipate that it may resolve some of the biggest obstacles to marijuana legalization and help the profitability of that industry, the agency adds.