Aug 31, 2022 (Stock Market Press via COMTEX) -- President Biden is under pressure from within his party to sign the cannabis legalization bill if approved by the Senate. It has already been approved by the House , primarily along party lines, with bi-partisan approval. Both the Senate Majority and Minority leaders have reason to be in favor of the bill. Needed for passage are every Democrat plus 10 more Republications -- there is no margin for anything else.
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The Marijuana Opportunity Reinvestment And Expungement Act passed in the House last Spring, and now faces Senate approval and possibly President Biden's signature to become law. In addition to decriminalizing marijuana, the Bill would establish procedures for expunging prior convictions from people's records. It would also impose federal sales tax on the sale of cannabis products -- starting at 5% and rising to 8%.
Medical cannabis is already legal in 37 states and Washington, D.C. In addition, 18 states and D.C. have legalized recreational marijuana. In the Senate, Chuck Schumer (D-NY), Majority Leader, has already gone on record approving the measure. Minority leader Mitch McConnell is already tied to the cannabis industry.
However, some feel that passage in the Senate this year faces a too-high hurdle: 60 votes are needed. That means all Democrats would have to vote yes, plus 10 more Republicans would have to do the same.
President Biden said during his campaign for president he would decriminalize marijuana use. He has wavered since then, but plans to campaign around Labor Day with pro-marijuana candidates , such as nominee John Fetterman in Pennsylvania.
At first, candidate Biden said he would even take executive action if elected to decriminalize cannabis. But as a past leader in the War on Drugs, Biden's commitment to legalize cannabis concerns some political activists.
Source: Stock Market Press
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