Major Cannabis Act Passes in House Committee
On Wednesday, Nov. 20, the House of Representatives' Judiciary Committee approved the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. The move is a crucial step in making the bill a federal law. The act passed easily in the committee, by a vote of 24 to 10, following more than two hours of debate.
Arguably the bill's most critical feature is that it "deschedules," or eliminates, marijuana from the list of prohibited items under the federal Controlled Substances Act, effectively legalizing the drug.
Other aspects of the proposed law include a 5% tax on cannabis goods and a requirement that federal courts expunge old marijuana-related convictions for people once found guilty of such violations.
Source Fool.com
