The ‘420 Bill’ Could Legalize Marijuana On Federal Level

At this point, with all the marijuana legalization advancements, any politicians who are not jumping aboard the cannabis ship are just blowing smoke. A federal bill called, The Marijuana Revenue and Regulation Act, also known as the ‘S. 420 Bill’ has been introduced to the Senate by Oregon Democrat senator, Ron Wyden.

It is reported that the goal of the bill is to “responsibly legalize, tax, and regulate marijuana at the federal level,” based on news reports. Wyden believes that the time for cannabis reform is now.

“The federal prohibition of marijuana is wrong, plain and simple. Too many lives have been wasted, and too many economic opportunities have been missed,” Wyden said. “It’s time Congress make the changes Oregonians and Americans across the country are demanding.”

S. 420 Bill Details

The S. 420 Bill is a piece of a puzzle in terms of marijuana reform. S.420 is part of a bundle of similar bills aiming to reform the cannabis industry. Other aspects of the bundle include the Small Business Tax Equity Act and the Responsibly Addressing the Marijuana Policy Gap Act.

A.J. Herrington, a contributor for High Times, sums it up nicely, “The Small Business Tax Equity Act would repeal provisions of the tax code that deny cannabis businesses the right to take the same tax deductions as companies in other industries.

The Responsibly Addressing the Marijuana Policy Gap Act would remove federal criminal penalties and civil asset forfeiture for individuals and businesses complying with state law. The bill would also give cannabis businesses legal under state law access to banking, bankruptcy protection, marijuana research, and advertising.

The bill includes an expungement process for some marijuana convictions which will reduce some of the collateral damage of the War on Drugs, including the denial of federal housing and financial aid. The bill also gives veterans access to legal medical marijuana programs and protects Native American tribes from prosecution under federal cannabis laws.”

One thing’s for sure with all of this, the times are a-changin'.

 

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