Cannabtimes

<![CDATA[The Democrats' majority in the U.S. Senate isn't getting any younger this Congress, but a trio of proponents behind cannabis reform have remained gradual in kickstarting their efforts. Their pace picked up July 14.  Senate Majority Leader Chuck Schumer, D-N.Y., Senate Finance Committee Chairman Ron Wyden, D-Ore., and Sen. Cory Booker, D-N.J., unveiled a preliminary draft of a federal cannabis legalization bill they plan to formally introduce later this year. The 163-page Cannabis Administration and Opportunity Act (CAOA) aims to remove cannabis from the list of controlled substances; tax and regulate cannabis at the federal level; and grants states the power to keep or administer their own oversight programs.  The Senate trio issued a joint statement Feb. 1, in which they said ending federal cannabis prohibition is necessary to right the wrongs of the failed war on drugs. In the statement, they said they would release a unified discussion draft on comprehensive reform to ensure restorative justice, protect public health, and implement responsible taxes and regulations.  "Getting input from stakeholder groups will be an important part of developing this critical legislation," they said in February.  While Schumer, Wyden and Booker said they'd released a unified discussion draft "in the early part of this year," they held a press conference July 14 about delivering on that end. They reiterated that the bill draft they released just prior to the conference is not a final version, and they will consider public input to help fine-tune the legislation through Sept. 1, 2021.  Watch the full press conference below.According to the draft bill's text:  The attorney general would be required to finalize removing "marihuana and tetrahydrocannabinols [THC]" from the schedule of controlled substances no later than 180 days after the enactment of the act.  A federal cannabis sales tax on any products produced in or imported into the U.S. will be 10% during the first two calendar years following the enactment of the bill, then will rise to 15% in the third year, 20% in the fourth year, and…

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Source : Senate Trio Unveils Federal Cannabis Legalization Draft with Provisions to Deschedule, Tax and Regulate

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