Cannabis advocates have spent years in pursuit of achieving legal status for cannabis by the FDA. A majority of the states, a total of 36 in the US, have already legalized medical use. Whereas 19 states have accomplished legal status for recreational use. As states begin to progress in their efforts, and consumers continue to buy under strict regulation, the fear of federal intervention still remains present.
The House Judiciary Jerry Nadler introduced the MORE Act in December of 2020, but the Act failed to get to the Senate for voting. Nadler did not lose hope and continued his efforts to reintroduce the bill with minor changes. He succeeded on May 28th, 2021 when his Act was reintroduced into the Senate.
The Marijuana Opportunity Reinvestment & Expungement Act (the MORE Act) aims to legalize cannabis in the eyes of the federal government, which will open significant avenues for the local industry.
How Will the Act Decriminalize Cannabis?
The impending Act has brought a great deal of hope for cannabis users in the U.S. It aims to improve two basic areas:
- Easing cannabis laws on the federal scale for the industry to grow
- Release previous offenders based on the new law that puts offenses within a legal jurisdiction.
For decades, the prohibition of cannabis consumption has created difficulties for cultivators, distributors, and users, even if they followed the state’s cannabis laws. The MORE Act 2021 plans to alter that.
In this article, we will highlight how this act will decriminalize cannabis, and how it will impact the overall cannabis sector of the U.S.
Federal Decriminalization of Cannabis
Previous offenders are most eager for this Act to be implemented since it will clear criminal records for offenses that are no longer considered against federal law. In other words, those who have been convicted of cannabis-related offenses in the past may have their records cleared.
In addition to clearing previous records of most offenders, the MORE Act 2021 will also create social equity programs. These programs will be tasked to rebuild entities that were impacted by the federal prohibition of cannabis throughout previous years.
The FDA has also enlisted cannabis into the Controlled Substances Act (CSA) which regulates the production, possession, distribution, and consumption of certain drugs. After the MORE Act 2021 comes into effect, cannabis will be removed from CSA, enabling the resentencing of individuals who have been arrested for cannabis offenses.
The federal government will also invest in legal aid, literacy training, and other similar communities to ensure that the cannabis industry flourishes in the U.S. both on a state and federal level.
Other Benefits of This Act
In addition to decriminalization, the MORE Act also brings forth several other benefits to the local cannabis industry. Some of them are stated below:
Interstate Trade Will Flourish
The current situation hinders interstate trade as channels laid by the federal government cannot be used for cannabis. However, if cannabis is legalized federally, conducting cannabis trade between states will open up great avenues for business.
Furthermore, states that have been slightly left behind in establishing prolific cannabis cultivation and dispensary system will be able to take assistance from other states. The best Vegas dispensary – Inyo Las Vegas – has been setting up examples in local cannabis distribution. Other states or cities in Nevada may benefit from a potential case study on how this Las Vegas strip dispensary manages its cannabis delivery system.
Financial Institutions Will Take Part in the Trade
Prior to the MORE Act 2021, the federal government had barred financial institutions from participating in cannabis-related trades. The dispensaries also had to collect, and carry large amounts of cash that compromised their security.
With banks taking part in cannabis trades, the industry will move from conventional cash currencies to dealing digitally (cards, and other online payment options).
This will enable institutions like Inyo – a dispensary in Vegas – to collect payments online and streamline their financial processes. The inclusion of financial institutions will also ensure the integrity of transactions.
U.S. Government Will Impose Federal Taxes on the Cannabis Industry
The MORE Act 2021 will impose a federal tax of 5% on the retail sales of cannabis, the funds from which will be re-invested in further streamlining and honing the federal cannabis industry. However, this federal retail tax may be increased by 3% in the coming years.
What Is the Status of the MORE Act 2021?
The MORE Act was passed in the House Judiciary Committee with 24 – 10 votes. It also passed the House of Representatives with a 228-164 win. Now, the bill is in the Senate, up for voting. This could be a significant challenge since most Senate members are still against federal cannabis legalization However, with the pace this Act is progressing, there is a chance.
Where to Buy Cannabis in Las Vegas?
If you’re looking for the best Vegas dispensary, head over to Inyo Las Vegas. We are a leading Las Vegas dispensary that offers top-quality cannabis strains and products for users. You can visit our store during the following hours:
- MON-WED: 8AM – 12AM
- THU-SAT: 8AM – 2AM
- SUN: 8AM – 10PM
Or simply order online for delivery or curbside pickup.