A Step Toward Reclassifying Cannabis

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    Danielle
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    Today, on Friday, December 4, 2020, the House of the US gave its initial approval to a cannabis act that will allow for reinvestment, expungement and opportunity for cannabis businesses. It is a groundbreaking, first step toward the legality of cannabis at the federal level. It will be difficult to pass in the Senate, but would also allow for hemp businesses to have access to advertising and banking for their product. It would even apply regardless of THC levels. The hemp businesses are encouraged by the action, and they are looking forward to the bill becoming law.

    This bill would allow for states to regulate cannabis at their own discretion, and without federal interference. This would increase business for the cannabis industry, which already is a multi billion dollar venture, and would lead to more billions of dollars of additional opportunities and commerce which would evolve to an interstate basis over time.

    The act passed by a count of 228-164 after an hour of debate, and a handful of Republicans joined the Democrats in voting for it. This measure occurred in the same week as the United Nations took the step of reclassifying cannabis as a less dangerous substance.

    The reclassification of cannabis would conceivably go a long way to destigmatizing it, in addition to reducing the challenges businesses in the cannabis industry can currently face.

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