Just before the start of Memorial Day weekend, U.S. House Judiciary Chair Jerry Nadler reintroduced the MORE Act – formally known as the Marijuana Opportunity Reinvestment and Expungement Act – which would federally legalize cannabis by removing it from the federal Controlled Substances Act. This would allow people with cannabis convictions to have their records expunged and would create a federal tax on marijuana with the revenue allocated to community reinvestment programs. This is not the first time the MORE Act has made its way through Congress. During the previous Congress, the House passed a similar version of the bill by a vote of 228-164, but it failed to advance in the Republican-controlled Senate.
If approved by both chambers and signed by President Biden – which is possible, but by no means a certainty – the MORE Act would provide enormous economic opportunities for plant-touching and ancillary businesses across the country. Further, federal legalization would disrupt the current patchwork of state-legal marijuana markets. To date, 18 states and Washington, D.C. have legalized adult-use cannabis, although states have yet to officially launch their programs. The opportunity for interstate trade and the formation of regional (and national) cannabis markets would spark … Keep reading