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We've said that cannabis will eventually be legal on the federal level, no longer just the patchwork of state legalization nationwide. And the most recent marijuana stock news is very promising on that front.
And it could boost marijuana stocks sooner than you think.
The U.S. House Judiciary Committee recently approved a bill that could decriminalize marijuana nationwide.
The Marijuana Opportunity Reinvestment and Expungement (MORE) Act could remove marijuana from Schedule I of the Controlled Substances Act. It was passed by a House committee in November, and now it's awaiting a vote by the House of Representatives.
Greg Miller, Executive Director of the National Institute for Cannabis Investors, thinks there's a good chance it will pass the vote.
The bill would levy a sales tax of 5% on all marijuana sales. This money would go toward training for jobs and legal assistance to people affected by the war on drugs.
Plus, as Miller observes, it' a very good sign for complete legalization as we move into 2020.
Is Full Legalization Ahead of Us?
There are other important legislative milestones for cannabis on the horizon. We're looking forward to bills protecting banks that serve marijuana companies, bills allowing legal weed research, and statutes increasing veteran access to marijuana.
The Secure and Fair Enforcement (SAFE) Banking Act is currently under review by the Senate Committee on Banking, Housing, and Urban Affairs. It's meant to incentivize banks to work with marijuana and CBD companies in states where they are legal.
In the past, banks have avoided working with legal cannabis companies to maintain their reputations. But the new legislation would be an inroad to removing the stigma associated with marijuana.
This is the most attention lawmakers have ever given marijuana. Justin Strekal, Political Director of the National Organization for the Reform of Marijuana Laws (NORML) said, "Congress has never moved this far, this fast on marijuana policy, period."
And the MORE Act is the most prominent piece of federal cannabis legislation yet.
Unfortunately, however, it's not because the bill is likely to pass through the Senate. In fact, it would be surprising if it did.
But the mere fact that the bill passed a congressional vote is huge news for marijuana. That makes it a bill of historic importance. For the first time, a major congressional body has voted to decriminalize weed.
It's still a long shot. But here's why Greg Miller thinks legalization is coming sooner than most people realize…