Cannabis stocks have been surging on the word that the long-touted and much-delayed U.S. Senate bill to federally legalize marijuana could be presented in the legislature as early as this week.
The Cannabis Administration and Opportunity Act was drafted by Senate Majority Leader Chuck Schumer and Senators Cory Booker and Ron Wyden. Among other things, the legislation from these three Democratic senators would remove marijuana from the list of drugs penalized in the Controlled Substances Act.
The bill would also create grants, loans, and other benefits to aid communities and individuals who have been the most impacted by marijuana prohibition. For instance, there would be grants to help state and local officials create equitable licensing programs for cannabis businesses and make loans to small businesses in the legal marijuana industry.
Pot Legalization Bill Faces Uphill Battle in U.S. Senate
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