Market Open Musings >>> Getting High on Investing: Marijuana Legalised and Stock Listings Allowed
U.S. Senate Majority Leader Chuck Schumer released a draft bill on Wednesday that would federally legalise cannabis in the U.S.
The bill, recognised as The Cannabis Administration and Opportunity (CAO) Act, contained 163 pages of extensive measures that are intended to set the stage for a federally legal cannabis industry. The act was introduced by Senators Schumer, Wyden and Booker, who have long been campaigning for the legalisation of cannabis since the upending War on Drugs began.
The three positive effects that the bill would have, is the ability of operators to transport cannabis across state lines, to export cannabis in bulk and to access financial services such as banking and U.S. stock exchange listings.
The bill will also tax and regulate marijuana on a federal level. A few of the mentioned regulations are:
A maximum of 10 ounces can be sold at any one transaction.
Sale of products to those under 21 would be banned.
Sale of cannabis products containing nicotine, caffeine or alcohol would be banned.
Substantial tax credits are to be offered to protect domestic producers from imports.
The bill seeks to decriminalise the use of cannabis by removing it from the Controlled Substances Act and from the Schedule of Controlled Substances. With the U.S. quickly coming to terms with the idea, it may see itself through, given considerable compromise on certain points in the bill.
Published 19th July 2021 | 3:55 pm