US heating up
The idea of legalized cannabis at a federal level in the US is heating up after the country recently legalized hemp. On February 8, Senate Finance Committee member Ron Wyden introduced the aptly named S. 420, or the Marijuana Revenue and Regulation Act.
The bill calls to de-schedule marijuana as a Schedule 1 drug under the Controlled Substances Act at the federal level and regulate it similarly to alcohol. Under this act, marijuana businesses would be taxed like any other business, which would generate additional revenue for the government.
The act also outlines the process of issuing permits to marijuana businesses as well as regulations around business operations including labeling and packaging, advertising, and trading.
The Marijuana Revenue and Regulation Act is a part of Wyden’s broader “Path to Marijuana Reform,” which also includes two more marijuana-friendly reforms including The Small Business Tax Equity Act and the Responsibly Addressing the Marijuana Policy Gap Act.