The U.S. House of Representatives has passed a major cannabis policy reform legislation package called the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act.
Here’s a quick rundown of some of the main features of the legislation:
- The MORE Act would remove cannabis from the list of federally controlled substances.
- All references to “marijuana” or “marihuana” in federal laws will be changed to “cannabis.”
- States would be able to determine their own cannabis regulations.
- Cannabis producers and importers will be required to obtain a federal permit and pay $1,000 per year for each facility they operate.
- A federal excise tax would be applied to all cannabis production. The tax rate would start at five percent for two years and then rise to eight percent by the fifth year.
- Tax revenue from cannabis sales would be placed in a new “Opportunity Trust Fund.”
- Also, a Cannabis Restorative Opportunity Program will be implemented.
- Federal agencies won’t be able to use “past or present cannabis or marijuana use as criteria for granting, denying, or rescinding a security clearance.”
- Non-violent federal marijuana convictions will be expunged.