Senate Decriminalization Bill May Be Introduced This WeekJuly 19, 2022
Senate Democrats could finally introduce their long-brewing bill to decriminalize cannabis at the federal level this week, according to reporting from Bloomberg. The bill, known as the Cannabis Administration and Opportunity Act (CAOA), was announced nearly a year ago by Majority Leader Chuck Schumer along with Senators Cory Booker and Ron Wyden.
That draft version would remove cannabis from the list of federally controlled substances, no longer subject cannabis businesses to Section 280E of the federal tax code which prevents them from taking standard business expense deductions, and remove federal penalties for cannabis as well as expunge non-violent cannabis charges from criminal records.
Introducing the bill will allow Schumer to meet his promise to put the bill on the floor by August but its chances for passage remain doubtful, with odds further complicated by the fact that this proposal is in direct competition with the MORE Act, which the House has passed twice and has not received any Senate hearings.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.