On Thursday, Rep. Dave Joyce (R-OH), House Minority Leader Hakeem Jeffries (D-NY) and Florida's Rep. Brian Mast (R) reintroduced a bill to establish the foundation for legalizing cannabis at the federal level, Marijuana Moment first reported.
Joyce, a co-chair of the Congressional Cannabis Caucus, said in a statement that given the widespread adoption of state marijuana reforms, it is only a matter of time before federal cannabis prohibition comes to an end. “The PREPARE Act will give lawmakers a bipartisan platform to legislate not only a fair and responsible end to prohibition but also a safer future for our communities,” he said.
Jeffries highlighted the negative impacts of marijuana prohibition, particularly on communities of color, and emphasized the importance of addressing these issues through fair and effective regulation. “The PREPARE Act is one of the bipartisan solutions that will lay the groundwork to finally right these wrongs in a way that advances public safety and boosts our economy,” he said and thanked Rep. Joyce for reintroducing the bill and his leadership on this issue.
What’s In The Bill?
The PREPARE Act (Preparing Regulators Effectively for a Post-Prohibition Adult Use Regulated Environment Act) would direct the Attorney General of the United States to establish the "Commission on the Federal Regulation of Cannabis" to advise on the development of a regulatory framework modeled after the Federal and State regulatory frameworks with respect to alcohol.
Specifically, the legislation would do the following:
- Direct federal regulators to develop a regulatory and revenue framework to ensure the safe production and consumption of cannabis, modeled after the alcohol industry which accounts for the unique needs, rights, and laws of each state, and present such a framework to Congress within one year;
- Build upon the Obama and Trump Administration's efforts to remedy the unjust consequences of the war on cannabis, particularly those suffered by minority, low-income, and veteran communities;
- Help grant medical professionals critical research access and training, as well as an economic opportunity to individuals and smalls businesses by providing access to the financial sector; and
- Develop protections for the hemp industry, including cross-pollination prevention efforts.
Image Credits: S.Borisov and OpenRangeStock on Shutterstock Edited By Benzinga
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.