Coalition Urges Biden to Remove Cannabis from Controlled Substances Act

A coalition of marijuana and justice groups is urging the Biden Administration to remove cannabis from the Controlled Substances Act altogether, arguing that rescheduling would still permit federal criminalization and criminal penalties. The group is asking for administration support of the Cannabis Administration and Opportunity Act and the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act, both of which call for descheduling and automatic expungements. The letter states that the administration has the opportunity to align federal marijuana policy with public opinion and the increasingly rejecting state legal landscape. The mentioned multi-state operators and cannabis ETFs are also noteworthy in the industry.

Key Takeaways

• Coalition urges Biden Administration to remove cannabis from Controlled Substances Act.
• Calls for support of Senate-introduced Cannabis Administration and Opportunity Act and MORE Act.
• Legislation includes both descheduling and automatic expungements.
• Multi-state operators and cannabis ETFs listed for potential investment opportunities.
• Push for federal marijuana policy to align with public opinion and state legal landscape.

Analysis

The push to remove cannabis from the Controlled Substances Act reflects growing momentum for federal marijuana policy reform. If successful, the Cannabis Administration and Opportunity Act and MORE Act could impact multi-state operators, cannabis ETFs, and related businesses. The potential descheduling and automatic expungements could lead to significant investment opportunities and societal impact. This move may alleviate criminalization and penalties, aligning federal policy with public opinion and state laws. Both short-term market shifts and long-term societal transformations are likely as this push advances, with implications for stakeholders, policymakers, and the cannabis industry as a whole.

Did You Know?

• Descheduling and automatic expungements: The legislation calls for removing cannabis from the Controlled Substances Act, which would effectively eliminate federal criminalization and criminal penalties for cannabis-related activities. It also includes provisions for automatic expungement of prior convictions related to cannabis offenses.

• Multi-state operators and cannabis ETFs: These are significant entities and investment options within the cannabis industry. Multi-state operators are companies that have operations in multiple states where cannabis is legal, and cannabis ETFs are exchange-traded funds that specifically focus on cannabis-related stocks and securities.

• Federal marijuana policy alignment with public opinion and state legal landscape: The coalition is advocating for changes in federal marijuana policy to reflect shifting public attitudes and the increasing acceptance of cannabis at the state level. This includes efforts to align federal laws with the legalization and regulation of cannabis that is already taking place in numerous states.