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Second Time a Charm as House Approves Bill to Federally Legalize Cannabis – Hemp, Inc. Reports
Second Time a Charm as House Approves Bill to Federally Legalize Cannabis – Hemp, Inc. Reports.
About this update from Hemp, Inc.
[{"type":"text","content":"\n Las Vegas, NV, April 04, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hemp, Inc. (OTC PINK: HEMP) reports today that the U.S. House of Representatives approved the bill, on Friday, April 1, 2022, to federally legalize marijuana. 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 eliminated, and past federal cannabis convictions would be expunged.  H.R. 3617 (the MORE Act) will now advance to the Senate floor to be voted on, debated or amended. According to Marijuana Moment, “the vote fell largely along party lines with only three Republicans supporting the measure and two Democrats opposing it. Following an hour of debate on the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act from House Judiciary Chairman Jerrold Nadler (D-NY)—and the approval of two amendments and the rejection of a third—the full chamber voted 220-204 to end federal cannabis prohibition and promote social equity in the industry.” Hopefuls are optimistic that the second time around will be a charm with a Senate approval. The MORE Act was approved by the House of Representatives in December 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 2 years ago, it passed in a 228-164 vote, with five Republicans joining their Democratic colleagues in advancing the reform. Now that it has passed the House, the MORE Act will need 60 votes to pass the Senate. As Hemp, Inc. reported last week, de-scheduling news of this magnitude has shown to peak cannabis stock market prices and trading volume. Cannabis has been a Schedule 1 Controlled Substance for the past 52 years. According to Forbes, “cannabis is legal for adult use in 19 states and for medical use in 36 states. This bill would end the federal ban, but leave legalization up to the states.” Fortune Business Insightsreports, “The global cannabis market is projected to grow from $28.266 billion in 2021 to $197.74 billion in 2028.” Hemp, Inc. released two of its most highly potent powerhouse products to date. On March 22, 2022, Hemp, Inc. unveiled a tinctur...