Brand New Cannabis Bill Introduced Could Change Everything We Know About Current Weed Laws
Authored by Cool Dude
On Wednesday, June 27, Senator Minority Leader Chuck Schumer (D-NY), along with Senators Bernie Sanders (I-VT), Tim Kaine (D-VA), and Tammy Duckworth (D-IL), introduced the Marijuana Freedom and Opportunity Act in the Senate that would, completely reschedule cannabis from being on the controlled substances list.
Chuck Schumer said this (courtesy of NORML):
The time to decriminalize marijuana is now. The new Marijuana Freedom and Opportunity Act is about giving states the freedom to be the laboratories that they should be and giving Americans -- especially women and minority business owners as well as those convicted of simple possession of marijuana intended for personal use -- the opportunity to succeed in today's economy.
The approval of GW Pharmaceuticals' (NASDAQ:GWPH) Epidiolex on Monday, June 25, might be just enough to make the current administration actually consider rescheduling cannabis for medicinal purposes. Epidiolex, a cannabidiol (CBD)-based, oral medication created to treat two types of childhood-onset epilepsy, was the first cannabis derived drug ever in U.S. history to be approved by the Food and Drug Administration. This approval process could, and should be, responsible for sparking change at the federal level. This is because the approval of a cannabis derived drug for medicinal reasons demonstrates that there is a medical benefit for a cannabis-related product, which should mean that the current definition of a Schedule I substance no longer applies to Cannabis. However, it is still too early to speculate on the outcome of this bill. The U.S. federal government and it's various agencies have long used loopholes and passed blame on to other agencies in order to keep cannabis classified as a Schedule I drug. Hopefully the laws are followed properly and soon Cannabis will be a little easier for those involved in the industry to receive proper banking services, and much more. It is time for a change and we hope this bill is just the beginning.