Just prior to a press conference on July 14, Senate Majority Leader Chuck Schumer, Senate Finance Committee Chairman Ron Wyden and Senator Cory Booker released the details of their long-awaited cannabis reform bill, entitled the “Cannabis Administration and Opportunity Act.”
The bill provides a widespread plan to regulate cannabis on multiple levels. If passed, the bill would deschedule cannabis, set up plans for widespread conviction expungement and allow states to continue to manage their respective cannabis program policies. It would implement a federal tax, the funds of which would go toward people who were most negatively affected by the War on Drugs, especially those who want to get into the industry in some way.
Another big change would be to take power away from the Drug Enforcement Administration, and instead give control to three different government organizations—mainly the Food and Drug Administration (FDA). The FDA would be “recognized as the primary federal regulatory authority with respect to the manufacture and marketing of cannabis products, including requirements related to minimum national good manufacturing practice, product standards, registration and listing, and labeling information related to ingredients and directions for use.” The Alcohol and Tobacco Tax and Trade Bureau and the Bureau of Alcohol, Tobacco,