Congress introduces Law to deschedule cannabis, considers banking reform

On Tuesday, July 23, cannabis took center stage twice on Capitol Hill. First, Democratic presidential candidate Sen. Kamala Harris (D-CA) and House Judiciary Chair Rep. Jerry Nadler (D-NY) introduced a comprehensive bill to federally deschedule cannabis and enact a host of initiatives to address the racist impacts of the War on Drugs.

HIGHLIGHTS

• The Congressional Cannabis Caucus said that the day had been a “watershed moment” for the cannabis legalization movement.
• The MORE Act would remove cannabis from the Controlled Substances List and raise funds to help the communities who hit hardest by cannabis prohibition
• It’s widely acknowledged that, in the push for cannabis legalization at the state level, cannabis companies desperately need federal help in order to access the banking industry.

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