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Douglas W. House

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  • The House Judiciary Committee, controlled by Democrats, has voted 24-10 in favor of a bill to decriminalize marijuana on the federal level. Several Republicans on the committee backed the bill as well, dubbed the Marijuana Opportunity Reinvestment and Expungement (MORE) Act.
  • The legislation, if enacted, will also expunge prior marijuana convictions, encourage resentencing hearings for people still under supervision and establish a 5% sales tax on marijuana products aimed at funding grant programs to provide job training, legal aid and other services to people ensnared in the War on Drugs.
  • The MORE Act has more than 50 co-sponsors in the House.
  • The going will undoubtedly be slower in the GOP-controlled Senate. Democratic Senators Kamala Harris (CA), Cory Booker (NJ) and Elizabeth Warren (MA) are supporters.
  • Selected tickers: CGC, TLRY, CRON, ACB, APHA, HMLSF

Author: Douglas W. House

Source: Seeking Alpha: House panel passes bill to decriminalize pot

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