Last week, a coalition of US Senators introduced the Cannabis Administration and Opportunity Act (CAOA), which aims to deschedule marijuana. A similar bill is also currently active in the House of Representatives. Below is a complete list of sponsors for these measures, and the states they represent.
The CAOA would mandate that the US Attorney General finalize rules to remove marijuana as a controlled substance within 180 days, and establish a 5% federal excise tax on marijuana producers, which would increase to 12.5% by the fifth year. Similarly, the MORE Act in the House proposes to deschedule marijuana and impose a federal tax on state-legal sales.
Additionally, the CAOA aims to set federal safety standards for legal marijuana products. This includes the creation of a Center for Cannabis Products within the FDA, tasked with regulating the production, labeling, distribution, sales, and other manufacturing and retail aspects of the cannabis industry.
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