Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Business News

This bill could make marijuana legal on the federal level

(BUSINESS NEWS) A new bill proposed could have a pretty hefty impact on marijuana usage and cannabusiness.

Weed leaves.

New bill

On Tuesday, Senator Cory Booker of NJ introduced a bill that would amend the Controlled Substances Act and remove the federal prohibition on marijuana.

This bill follows Senator Sanders (VT) attempt in 2015.

What it’d do

If this bill is legalized, it would do a number of different things:

  • Remove marijuana form the federal list of control substances. (Marijuana is currently listed as a schedule 1 drug with heroin and LSD)
  • Expunges people who have been convicted for use and possession of marijuana
  • Incentives states to change their laws to fall in line with the federal laws changes by withholding federal money.
  • Creates a community reinvestment fund that can support community resources and funds for those affected by marijuana laws.

Bill potential

For the legal cannabis industry – this represents a hope of federal support given Attorney General Jeff Session’s notable contempt for the substance, and fears that he may begin prosecuting those engaging in the sale of marijuana even in states where it is legal.

The industry is a growing industry, of more than 6 billion in sales last year, and is expected to continue to rise.

Current federal law makes interstate commerce virtually impossible, and may restrict access to certain banking options. In addition, the necessary investment for truly rapid growth is hindered due to existing federal bans. Booker’s bill joins a host of other related legislation including Rep. Ed Perimutter (CO), who introduced the Marijuana Business Access to Banking Act, which is currently in committee review from the 114th congress, but earlier this year released H.R 2215 the Secure and Fair Enforcement (SAFE) Act of 2017, which seeks to create protections for financial services that cater to legal marijuana businesses and keep federal regulators from terminating FDIC coverage, penalize, or incentive institutions.

In addition to that, Congressman Earl Blumenauer (OR) introduced the Small Business Tax Equity Act would create an exception to IRS code to allow business operating to take business deductions relating to the sale of marijuana.

High hopes

Bookers legislation hopefully will ease a lot of the economic anxiety around cannabis related businesses, but it faces an uphill battle. Congress remains Republican-controlled, and many indicate opposition to legalization.
However, there is some bipartisan support, and public opinion continues to sway more and more in favor of legalization. Only time will tell what happens with this bill, but I know many of the industry have high hopes.

Advertisement. Scroll to continue reading.


Kam has a Master's degree in Industrial/Organizational Psychology, and is an HR professional. Obsessed with food, but writing about virtually anything, he has a passion for LGBT issues, business, technology, and cats.



  1. Pingback: It’s time for a shift in the cannabis industry (and it’s happening now) – The American Genius – vaporizers

  2. Pingback: It’s time for a shift in the cannabis industry (and it’s happening now) – Cannabis Legal News

Leave a Reply

Your email address will not be published. Required fields are marked *


American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.



Business News

(BUSINESS NEWS) Should cannabusiness investors rush to Ohio, or are the headlines about legalized marijuana in the state misleading? The situation is pretty complex.

Business News

(BUSINESS NEWS) What are politicians saying and how will cannabusinesses fare as US Attorney General, Jeff Sessions takes a hardline stance against marijuana use...

Business News

(BUSINESS NEWS) In light of a growing consumer demand and more states decriminalizing and legalizing, “Big Booze” casts sights on burgeoning marijuana market.

Business News

(BUSINESS NEWS) Vermont cannabusinesses have to wait a little bit longer as the Gov just pushed back on recreational use.


The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.