"The federal prohibition of marijuana is wrong, plain and simple." Weed Law A new bill in the Senate Friday would mark a tectonic state in the United States’ drug law by legalizing marijuana nationwide. “The federal prohibition of marijuana is wrong, plain and simple,” said Ron Wyden, an Oregon Senator who introduced the bill, in a statement. “Too many lives have been wasted, and too many economic opportunities have been missed.” Blaze It The new bill, called S.420 — get it? — would give the Drug Enforcement Administration 60 days to strike cannabis from its list of controlled substances. It would also institute a tax on the substance and set up a mechanism for retail permits and special labeling, like tobacco and alcohol, according to The Verge. That would be a huge shift, because individual states have pursued cannabis legalization and decriminalization piecemeal in recent decades, but the federal government still considers it a “Schedule I” substance — along heavy duty drugs like methylenedioxymethamphetamine and heroin. Advertisement Advertisement Research Opportunities Legalizing marijuana would likely decrease unnecessary strain on the legal system and create new economic opportunities, according to many experts — and could be a major opportunity for research into possible medicinal uses. “The American people have elected the most pro-cannabis Congress in American history and significant pieces of legislation are being introduced,” said Oregon Representative Earl Blumenauer, who introduced the bill in the House of Representatives alongside Wyden. “The House is doing its work and with the help of Senator Wyden’s leadership in the Senate, we will break through.” Editor’s note Feb. 11, 2019 at 9:47 AM ET: This article has been updated to correct an error. Methylenedioxymethamphetamine is a Schedule I drug, but methamphetamine is Schedule II. READ MORE: Senator introduces a bill to legalize marijuana and it’s called S.420 [The Verge] More on cannabis: Canada Legalized Weed, and It Could Be a Huge Opportunity for Science As a Futurism reader, we invite you join the Singularity Global Community, our parent company’s forum to discuss futuristic science & technology with like-minded people from all over the world. It’s free to join, sign up now!<doc-sep>Even with the government shutdown that’s been ominously hovering over Washington these past three weeks, there’s still a fresh Congress in town. That means the nation’s 535 lawmakers are in the first stages of trying to get their favored pet issues on the radar of party leaders. That focused energy and flowery optimism that marks the start of any new Congress is different this year for marijuana proponents, because this time around they believe they can actually pass some sweeping cannabis reforms. At this time two years ago, while then-Speaker Paul Ryan was adamantly keeping any marijuana amendment from ever getting to the House floor, the rollout of most any marijuana bill was basically all symbolism. Today’s a new day in the swamp, and supportive lawmakers are coming out of the gates swinging, signaling to marijuana supporters across the nation that this time around what was formerly just viewed as rhetoric now has a strong chance of becoming reality. That’s why the founder of the Congressional Cannabis Caucus, Rep. Earl Blumenauer (D-OR), is excited — giddy, even — in this new year. He dropped the third purely marijuana-focused bill in the 116th Congress. Named the Regulate Marijuana Like Alcohol Act, it would explicitly do what its title states. Jacquelyn Martin/AP/REX/Shutterstock The lofty proposal basically represents a wholesale reimagining of how marijuana is treated nationwide. It would put marijuana under the Bureau of Alcohol, Tobacco, Firearms and Explosives, and not the Drug Enforcement Agency. It would also allow marijuana businesses to access the banking system and allow long delayed research on the plant to go forward without the constraints currently imposed on cannabis by the federal prohibition that currently views marijuana as the same as heroine. The legislation also snagged the slot of H.R. 420 – yeah, that 420 – a symbolic title that’s perfectly suited for this aspirational bill. “We wanted to focus people’s attention so that, although it’s not probably the top priority for very many people — maybe not the top priority for anyone — it is in fact important to a wide range of people, and it’s something this Congress can do,” Blumenauer tells Rolling Stone. While still just a dream now, Blumenauer contends the bill isn’t a gimmick. He says outright legalization is coming the near future, whether opponents admit it or not. That’s why the measure’s number is memorable, and its title — the Regulate Marijuana Like Alcohol Act — is almost too straightforward. “It is important to sort of raise the profile a little bit early, and this is one of the things that’s pretty simple to comprehend,” Blumenauer continued. “And ultimately, I think it’s likely to be something, as we work our way through, that this is maybe one of the most likely outcomes. Is just to regulate it like alcohol.” To reach that help reach that goal, Blumenauer gathered a clan of new leaders in his Cannabis Caucus. The team is historic because it now includes Rep. Barbara Lee (D-CA) — the first black woman to ever co-chair the caucus. It also still includes Rep. Don Young (R-AK) — a cagey old timer who is currently the longest serving member of the House and isn’t really known for marijuana policy, but is senior enough to do basically whatever he wants in the House — and then there’s Rep. Dave Joyce (R-OH) — the only leader in the group who isn’t from a state where recreational marijuana is legal. While some in the Cannabis Caucus support drastic overhauls of the nation’s marijuana laws, they’re also vowing to focus their attention on undoing the most tangible, truly mind-numbing areas of the nation’s drug policies. The top of their list — and those with the best chances of gaining broad, bipartisan support — are bills to allow marijuana business owners to use the nation’s banking system instead of the all-cash businesses they’re forced to run now because the federal government still views marijuana as an illicit drug. The other measures that are widely seen as having the best chances of becoming law are proposals to expand federally condoned research on marijuana, and others to allow the nation’s many PTSD-scarred veterans to access weed without the repercussions or hurdles they currently face,. The cannabis caucus, along with the growing ranks of pot-friendly lawmakers on the Hill, are already pushing national party leaders and the chairs of important committees with jurisdiction over the issue to make these a priority in the coming weeks and months. “They’re all bipartisan, they’re all relatively straightforward and simple and they all speak to real problems,” Blumenauer contends. The pressure campaign seems to be working, according to Blumenauer and others. Even though Pelosi’s been lukewarm on marijuana reform, she also has had to promise to give her members more input on legislation. And the thing is, most of her members are clamoring for marijuana reforms. “Under the new leadership in Congress, I think, there’s an understanding that these bills will be coming to the floor for a vote,” Rep. Lou Correa (D-CA) tells Rolling Stone. Correa’s planning to introduce his own bipartisan marijuana bill aimed at veterans shortly. His proposal would force — not merely request or advise — the Department of Veterans Affairs to conduct studies on how pot could help veterans. But Democrats are still trying to get a true sense of where the House will stand on marijuana. “I think right now it’s a matter of testing the waters,” Correa continued. “Cannabis policy in this country is changing faster than most people can gauge.” Some Republicans are on board too, but they’re worried because the top Democratic leaders in the House are all in their seventies and have dismissed marijuana policy as a second- or third-tier issue, even as others in those Democratic leadership ranks have dismissed it out of hand. “Let’s hope the old Democrats in charge today are more open minded than the old Republicans recently tossed from power on cannabis reform,” Rep. Matt Gaetz (R-FL) told Rolling Stone. Gaetz has been in talks with some Democrats on how to best address the glaring disparity between federal and local marijuana laws.<doc-sep>Although marijuana stocks had a relatively poor 2018, the same can't be said for the overall marijuana movement. In fact, the cannabis industry arguably had its most impressive year ever. In October, Canada became the first industrialized country in the world, and only the second overall behind Uruguay, to legalize adult-use pot. Ending nine decades of recreational weed prohibition completely legitimizes the marijuana industry, as well as rolls out the red carpet for what should be billions of dollars in added annual sales. It was a similar story in the United States, where Missouri and Utah gave the green light to medical marijuana, and Vermont and Michigan legalized recreational cannabis. We also saw the U.S. Food and Drug Administration approve the very first cannabis-derived drug, and witnessed President Trump sign the Farm Bill into law in December. The Farm Bill legalizes hemp and hemp-based cannabidiol oil. Yet, no matter how much validity the marijuana industry gains, it still remains illegal in the United States at the federal level. As a Schedule I substance, cannabis is wholly illegal, prone to abuse, and not recognized as having any medical benefits. Of course, one congressman is hoping to change marijuana's scheduling in the U.S. No joke: Marijuana bill numbered "420" was introduced in the House This past Wednesday, Jan. 9, House Rep. Earl Blumenauer (D-Ore.) introduced a bill to remove marijuana from the controlled substances list and treat the drug like alcohol. The bill, known as the "Regulate Marijuana Like Alcohol Act," is numbered as "H.R. 420" in reference to 4/20 (April 20), which is known as a national holiday in cannabis culture. Make no mistake about it, this isn't Rep. Blumenauer's first attempt at trying to make things right for the marijuana industry. He's the founder and co-chair of the Congressional Cannabis Caucus, and he's been a co-sponsor to the rider attached to every federal spending bill in recent years that disallows the Justice Department from using any federal funding to prosecute medical cannabis businesses operating in legal states. In an interview with Willamette Week, Blumenauer said: While the bill number may be a bit tongue-in-cheek, the issue is very serious. Our federal marijuana laws are outdated, out of touch, and have negatively impacted countless lives. Congress cannot continue to be out of touch with a movement that a growing majority of Americans support. It's time to end this senseless prohibition. The support Rep. Blumenauer speaks to is the record 2 out of 3 Americans in Gallup's October 2018 poll who support national legalization, and the 93% of Americans in an April 2018 survey from the independent Quinnipiac University who favor allowing a physician to prescribe medical cannabis to patients. Understandably, there may be financial motivations for legalization as well. Blumenauer's home state of Oregon, one of the 10 adult-use-legal states, has struggled with oversupply. Unlike most states, which restrict the number of cultivation licenses issued, Oregon doesn't restrict the number of growing licenses it issues. The result has been rampant oversupply and falling per-gram prices. If cannabis were to be treated like alcohol, it would allow for the interstate transport of pot, thereby helping Oregon's oversupply problem. However, change would be very much welcome for pot-based businesses that are already thriving in the United States. For example, KushCo Holdings (OTC:KSHB) provides packaging and branding solutions to the cannabis industry. Legalization would dramatically boost the number of growers that would need tamper- and child-resistant packaging that complies with federal regulations. But KushCo would also see a lift in its branding solutions business, which helps growers develop packaging and branding that allows them to stand out in an increasingly crowded field. Presumably, if other consumption options were legal, it would also fuel KushCo's hydrocarbon gas operations, which are crucial to the production of high-margin cannabis oils. In short, it'd be great news for KushCo. There would also be plenty of cheers from cannabis real estate investment trusts, like Innovative Industrial Properties (NYSE:IIPR). Right now, Innovative Industrial owns 11 medical cannabis properties that were initially leased out for 15 to 20 years, and have annual rental increases and 1.5% management fees built in. If pot were legalized nationally, Innovative Industrial Properties, which is generating more than a 15% average annual return on its investments, would be free to expand into new states. The point being that Americans and pot businesses are almost certainly behind Blumenauer's efforts to pass H.R. 420. A congressional buzzkill But in reality, Blumenauer's bill is likely to go up in smoke. There's a very good chance it won't come to a vote -- and even if it did, House Democrats and/or Senate Republicans are unlikely to vote in favor of the measure. With such strong support from the public, you're probably wondering why lawmakers on Capitol Hill continue to either dig in their heels on weed or ignore the issue completely. One reason is simply that marijuana isn't an important enough issue at the moment to cost elected officials their jobs. The same Quinnipiac poll referenced earlier, which found that 93% of Americans support medical marijuana prescriptions from a physician, also found that just 13% of respondents wouldn't vote for a candidate who didn't share their views on pot. Maintaining a negative or wait-and-see approach on marijuana isn't hurting politicians, and their views are unlikely to change until it could mean losing their elected seat. Another problem is money. As a Schedule I substance, marijuana businesses in the U.S. are currently subject to U.S. tax code 280E. This nearly 37-year-old tax law disallows businesses that sell a federally illicit substance from taking normal corporate income tax deductions, save for cost of goods sold. In some instances, this can lead to an effective tax rate of between 70% and 90%. Removing pot from the controlled substances list would allow cannabis businesses to be taxed like normal businesses. While great for investors and the companies themselves, it would reduce the amount of taxable income collected by the federal government by $5 billion over the next decade. From a monetary perspective, there's no incentive to change marijuana's scheduling.<doc-sep>Photo : J. Scott Applewhite ( AP ) Senator Ron Wyden of Oregon today proposed legislation that would decriminalize cannabis at the federal level and allow states where weed use is legal to operate as they see fit without fear of a U.S. government crackdown. Advertisement With a majority of U.S. states, including Oregon, now allowing recreational or medical use of pot, Wyden’s legislation, aptly named S. 420, or the Marijuana Revenue and Regulation Act, yanks cannabis from the controlled substances schedule and sets a sliding scale of taxation, beginning at 10 percent and ramping up to 25 percent over five years. Cannabis is currently categorized as a Schedule I drug, meaning it has “no currently accepted medical use in the United States, a lack of accepted safety for use under medical supervision, and a high potential for abuse,” according to the Drug Enforcement Administration. Despite this official designation, people across the U.S. use medical pot for a wide range of ailments. The Marijuana Revenue and Regulation Act—companion legislation to H.B. 420, which Representative Earl Blumenauer, also of Oregon, introduced last month—is one of three bills included in a legislative package Wyden and Blumenauer call the Path to Marijuana Reform. Beyond removing cannabis as a controlled substance, S. 420 would create a licensing process through the Department of the Treasury and establish other regulations akin to those governing the sale and distribution of alcohol in states where cannabis is legal. Another bill in the lawmakers’ slate of legislation, the Responsibly Addressing the Marijuana Policy Gap Act, sets parameters for expungement of certain cannabis-related crimes, allows weed-related businesses operating in states where cannabis is legalized to use banks, and aims to ensure pot users have access to federal assistance programs, among other provisions. Researchers are also given consideration throughout Wyden and Blumenauer’s legislative package to carry out their work, with the federal government’s blessing. Likewise, the Attorney General would be given the power to determine distributors to supply seeds and immature plants to scientists doing work in this space. Advertisement The specifics of what nationally legal cannabis would look like will obviously depend on individual states, as well a s the AG, ATF, and other agencies vested with power over pot’s cultivation and sale by this passel of bills. However, studies estimating tax revenue numbers from legal states suggest S. 420 could be lucrative for the government. Most importantly, the ACLU estimates around half of all drug busts are for weed-related offenses and by and large target individuals with small quantities intended for personal use. Decriminalization could be a major step away from our unnecessary and aggressive policing practices.<doc-sep>
Oregon Sen. Ron Wyden proposed legislation Friday -- Senate Bill 420 -- that would give states a free hand to allow legal cannabis markets without the threat of federal criminal intervention, a move that marked the latest push in Congress to bolster the nation's burgeoning pot industry.The proposal, identical to a bill in the House, aims to ease the longstanding conflict between states where cannabis is legal in some form and the U.S. government, which categorizes marijuana as a dangerous illegal drug, similar to LSD or heroin. "The federal prohibition of marijuana is wrong, plain and simple," Wyden, a Democrat, said in a statement. "Too many lives have been wasted, and too many economic opportunities have been missed. "Most Americans live in states where pot can be legally purchased for medical or recreational use, and the move to loosen federal restrictions on marijuana came as the issue has played into the emerging 2020 presidential campaign.A similar proposal previously languished in Congress.But Rep. Earl Blumenauer, an Oregon Democrat carrying the current bill in the House, said voters have "elected the most pro-cannabis Congress in American history. "The proposal would remove federal criminal penalties for individuals and businesses acting in compliance with state marijuana laws. It would also reduce barriers for legal marijuana businesses to get access to banking.A separate bill would impose a tax on marijuana products similar to federal excise taxes on alcohol, while another would allow state-legal marijuana businesses to claim tax deductions and credits.Justin Strekal, political director of the pro-legalization group NORML, said in a statement that the proposal is another sign of the "growing public support for ending our failed war on cannabis consumers." Oregon Sen. Ron Wyden proposed legislation Friday -- Senate Bill 420 -- that would give states a free hand to allow legal cannabis markets without the threat of federal criminal intervention, a move that marked the latest push in Congress to bolster the nation's burgeoning pot industry. The proposal, identical to a bill in the House, aims to ease the longstanding conflict between states where cannabis is legal in some form and the U.S. government, which categorizes marijuana as a dangerous illegal drug, similar to LSD or heroin. "The federal prohibition of marijuana is wrong, plain and simple," Wyden, a Democrat, said in a statement. "Too many lives have been wasted, and too many economic opportunities have been missed." Most Americans live in states where pot can be legally purchased for medical or recreational use, and the move to loosen federal restrictions on marijuana came as the issue has played into the emerging 2020 presidential campaign. A similar proposal previously languished in Congress. But Rep. Earl Blumenauer, an Oregon Democrat carrying the current bill in the House, said voters have "elected the most pro-cannabis Congress in American history." The proposal would remove federal criminal penalties for individuals and businesses acting in compliance with state marijuana laws. It would also reduce barriers for legal marijuana businesses to get access to banking. A separate bill would impose a tax on marijuana products similar to federal excise taxes on alcohol, while another would allow state-legal marijuana businesses to claim tax deductions and credits. Justin Strekal, political director of the pro-legalization group NORML, said in a statement that the proposal is another sign of the "growing public support for ending our failed war on cannabis consumers."