Cannabis Industry Reacts to Senator Schumer, Wyden, Booker’s Legalization Bill

Hemp Legalization & Regulatory News for Hemp Businesses

oday, Senate Majority Leader Chuck Schumer (D-NY) along with Finance Committee Chair Ron Wyden (D-OR), and Sen. Cory Booker (D-NJ) introduced the Cannabis Administration and Opportunity Act (CAOA) which is now the Senate’s only pending legislation that would provide comprehensive cannabis policy reforms across the nation.
NCIA CEO Aaron Smith and Deputy Director of Government Relations Michelle Rutter-Friberg discuss first-reactions to the officially-introduced bill.
The landmark bill would remove cannabis from the federal Controlled Substances Act and move regulatory responsibility from the Drug Enforcement Administration (DEA) to the Alcohol and Tobacco Tax and Trade Bureau (TTB), the Food and Drug Administration (FDA) and other agencies to protect public health and safety. The legislation would also allow the state-regulated medical and adult-use cannabis industries already in place in 37 states to operate without federal interference.
The Senate Democrats’ CAOA would also institute a federal excise tax of 5-25% on cannabis on top of the already-hefty state taxes imposed on the industry, concerning advocates for small cannabis businesses and equity operators.

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