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Bill to Federally Legalize Cannabis Heads to House Floor; Could the Second Time Be a Charm? Hemp, Inc. Reports
Bill to Federally Legalize Cannabis Heads to House Floor; Could the Second Time Be a Charm? Hemp, Inc. Reports.
About this update from Hemp, Inc.
[{"type":"text","content":"\n Las Vegas, NV, March 28, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp, Inc. (OTC PINK: HEMP), one of the global leaders that has been on the forefront of the industrial hemp industry, reports today the U.S. House of Representatives may soon, possibly, vote to federally legalize marijuana.  On Wednesday, March 30, 2022 at 1:00pm EST, the House Rules Committee (the committee that considers all bills reported from policy and fiscal committees and determines whether, and in what order, to schedule their consideration on the floor of the House) will determine which amendments to H.R. 3617 (the MORE Act) will be allowed to advance to the House floor. Once it’s on the House floor, the MORE Act will be voted on, debated or amended and if passed by a simple majority, it will move to the Senate and undergo the same process. Why is this of any importance? Aside from the fact that it has ridiculously been a Schedule 1 Controlled Substance (considered most dangerous and addictive) for 52 years now, de-scheduling news of this magnitude has shown to peak cannabis stock market prices and trading volume. That in itself could be a separate release but let’s break this down to understand what has been lurking behind the scenes causing a lot of volatility. The MORE Act (Marijuana Opportunity, Reinvestment and Expungement) was approved by the House of Representatives in 2020, but the bill was not given a hearing or a vote in the Senate.  According to Marijuana Movement, when the MORE Act went to the floor in December 2020, it passed in a 228-164 vote, with five Republicans joining their Democratic colleagues in advancing the reform. Unfortunately, the traction ended with it being stalled in a Republican-controlled Senate.  But where there is misfortune, fortune exists. Earlier this month, democratic congressional lawmakers convened for a policy retreat in Philadelphia that featured a panel on advancing marijuana reform with a focus on promoting equity and it’s centered on the need to ensure that those most impacted by prohibition can benefit from federal legalization. Under the MORE Act, cannabis would be removed from the list of drugs regulated by the Controlled Substances Act, criminal penalties for federal cannabis offenses would be eliminate...