‘Decriminalizing Cannabis Is Long Overdue’: Politicians, Experts React To Chuck Schumer’s Marijuana Bill

‘Decriminalizing Cannabis Is Long Overdue’: Politicians, Experts React To Chuck Schumer’s Marijuana Bill

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by: Javier Hasse, Benzinga Staff Writer

 

April is shaping up to be a great month for marijuana. Last week, President Donald Trump announced the federal government would not interfere with states’ rights to decide their cannabis laws and former Speaker of the House John Boehner joined the board of directors of New York-based marijuana company Acreage Holdings.

Senate Minority Leader Chuck Schumer (D-N.Y.) announced Thursday evening he plans to introduce a bill to decriminalize cannabis on a federal level. While decriminalization is not the same as full legalization, it is certainly a step in that direction. What decriminalization implies is that, while weed would remain illegal in the eyes of the federal government, consumers of state-legal cannabis businesses would no longer be prosecuted.

According to reports by Vice News, the bill will be introduced in the Senate next week and will, among other things, seek to remove the herb from the Drug Enforcement Administration’s controlled substance list. Cannabis would be de-scheduled and treated like medication or a recreational substance for adults, rather than like a scheduled substance like heroin or cocaine.

In addition, Schumer’s bill would include provisions for funding minority- and women-owned cannabis businesses; research; and authority for the federal government to regulate advertising.

 

Moving Forward

Benzinga reached out to Democratic Florida Rep. Carlos Guillermo Smith, who’s been a vocal advocate of decriminalization for years.

“The war on cannabis costs U.S. taxpayers $3.6 billion per year. 46 percent of all drug arrests are for simple cannabis possession, which only benefits the private for-profit prison system,” Smith said Friday. “I have championed cannabis decriminalization at the state level, but it’s past time for Congress to move on this important issue.”

Larisa Bolivar is co-founder and managing partner at TCMS Global and a longtime cannabis advocate and entrepreneur. 

“Decriminalizing cannabis is long overdue,” Bolivar told Benzinga.

“There is zero evidence that cannabis is toxic. It is recorded in codexes thousands of years old as having medicinal value. It will also be better for the cannabis market to enable business development on all aspects of cannabis' benefits for the economy and consumer.”

The key aspect of Schumer's bill is that it would de-schedule — rather than re-schedule — cannabis, said Leslie Bocskor, an investment banker and the president of cannabis advisory firm Electrum Partners. 

"De-scheduling cannabis is the real goal, in my opinion. This is the only thing that makes sense to me: to regulate cannabis like we regulate tobacco and alcohol,” Bocskor told Benzinga. “After all, cannabis is just a plant and, as such, it should be left up to the states to regulate how they want to deal with it.

When cannabis is refined into specific medicines that make specific claims, those medicines should be in the controlled substances list "in some fashion," the Electrum Partners president said.

"It's nice to see someone like Schumer "wake up," Bocskor said. 

 

© 2018 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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2 responses to “‘Decriminalizing Cannabis Is Long Overdue’: Politicians, Experts React To Chuck Schumer’s Marijuana Bill”

  1. aravind says:

    Great post. I found your website perfect for my needs. Very useful info specifically the last part. Thank you for sharing with us, and we sincerely hope you will continue to update or post other articles.
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  2. Jenifer craig says:

    This here is a controversial move to pass the bill While a section of the society would rise trying to fight against the decriminalisation of cannabis, theres a lot more who is going to support the move. Medical marijuana is already a part of legal substance and this bill would make cannabis(legal company produced) be removed for DEA's list of controlled substance. Lets see what happens. mouthpiece for sleep apnea

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