After months of anticipation, Senate Democrats have introduced the Cannabis Administration and Opportunity Act, legislation that would legalize marijuana on the federal level, Marijuana Moment reported.
As introduced, the current version is very much similar to an earlier version. It includes a provision for expunging prior federal marijuana convictions, allows states to set their own cannabis laws, and provides grants for marijuana small businesses.
Additions to the bill include setting an impaired driving standard, cannabis business access to banks, and penalties for possessing or distributing large quantities of marijuana without a federal permit, according to Marijuana Moment.
Despite the introduction, most cannabis names are either flat or down in Thursday trading.
Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK:CURLF); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).
Cannabis-related ETFs, AdvisorShares Pure Cannabis ETF (YOLO), Amplify Seymour Cannabis ETF (CNBS), ETFMG Alternative Harvest ETF (MJ), AdvisorShares Pure US Cannabis ETF (MSOS), and Global X Cannabis ETF (POTX).
The Senate Judiciary Subcommittee on Crime and Terrorism is holding a hearing on July 26 to discuss legalization of marijuana.