Last October, when President Biden announced that he would take steps to overhaul America's marijuana laws and pardon those convicted of marijuana-related crimes, cannabis supporters were hopeful that this would be the beginning of federal cannabis decriminalization. Now, Senate Majority Leader Chuck Schumer (D-NY) is making a “pledge” to keep working on federally decriminalizing marijuana in 2023. This pledge is being seen as a major milestone in the movement towards federally legalizing cannabis.
Schumer’s pledge comes at a time when cannabis startups are struggling and consumers in prohibition states are turning to sketchy synthetics in order to get “legally” high. A bipartisan group of 29 congressional lawmakers from both the House and Senate sent a letter to President Joe Biden on Thursday, urging him to use his executive power to ensure that those in the cannabis industry and consumers of cannabis products can access banking services.
Sen. John Hickenlooper (D-CO) on Thursday formally filed a previously announced bill to set the country up for federal marijuana regulation. The bill would create a pathway for the FDA to establish a regulatory framework similar to the one in place for alcohol. It would also redirect existing cannabis tax revenues to community reinvestment programs and create a grant program to help those disproportionately impacted by the war on drugs.
As more and more states move towards legalizing cannabis, recreational sales have already begun in New York and are on track to start in Connecticut, Maryland, and Missouri. This could be a major boost for the cannabis industry, as it will bring in much needed tax dollars and open up the market to more consumers.
President Joe Biden has officially signed a marijuana research bill into law, making history by enacting the first piece of standalone marijuana legislation to be approved by Congress. This bill will allow researchers to study the health and safety benefits of cannabis products, and will also provide more access to medical marijuana for those suffering from illnesses.
Despite the progress that has been made, lawmakers haven't been able to agree on a bill that would allow cannabis businesses access to banking services. Without access to banking, cannabis businesses are limited in their ability to expand and grow, which could have a major impact on the industry.
As the movement towards federally legalizing cannabis continues to gain momentum, some states have already taken steps to decriminalize the drug. In New Jersey, for example, Gov. Phil Murphy signed a bill in February that decriminalize possession of up to six ounces of marijuana. This is a major step towards the goal of legalizing cannabis on a federal level.
In 2023, nearly half of states have recreational and medical cannabis programs, while only three states have no legal access to cannabis. This could be a major turning point for the cannabis industry, as it will open up the market to a much wider audience and create more opportunities for businesses to succeed.
Despite the progress that has been made, there is still much work to be done in order to federally legal cannabis. The push for decriminalization will require more bipartisan effort from Congress, as well as support from the president.
The movement towards federally legalizing cannabis has been gaining momentum for years, and it appears that it is finally close to becoming a reality. With the support of prominent lawmakers, the cannabis industry is on track to be decriminalize by 2023, which could open up a whole new world of opportunities for businesses and consumers alike.
However, there are still some major obstacles to overcome before cannabis can be legal federally. These include finding a way for cannabis businesses to access banking services and ensuring that those who have been most impacted by the war on drugs can benefit from the legal of cannabis.
The progress that has been made so far is encouraging, and with the continued bipartisan effort of lawmakers, the goal of federally legalizing cannabis could become a reality in 2023. This could be a major step forward for the industry, as it would open up the market to more consumers and create more opportunities for businesses to succeed.
For now, the focus is on continuing to make progress towards the goal of federally legalizing cannabis. As more states move towards decriminalizing the drug and the federal government takes steps to create a regulatory framework, the cannabis industry could soon be on its way to becoming fully legal.
It remains to be seen whether 2023 will be the year that cannabis is federally legal, but with the continued bipartisan effort of lawmakers and the support of the president, it appears that the movement is closer than ever to becoming a reality.
A collage of images showing prominent lawmakers, states that have legal cannabis, and cannabis businesses.
