To decriminalize and deschedule cannabis, to provide for reinvestment in certain persons adversely impacted by the War on Drugs, to provide for expungement of certain cannabis offenses, and for other purposes.
About This Bill
Committee
Latest Action · May 1, 2024
Read twice and referred to the Committee on Finance.
# Cannabis Administration and Opportunity Act Summary
This comprehensive legislation would decriminalize cannabis at the federal level, establish regulatory frameworks, invest in communities affected by cannabis prohibition, and create new tax structures.
## Core Changes
The bill removes cannabis from the federal Controlled Substances Act Schedule I within 180 days of enactment. It transfers cannabis enforcement authority from the Drug Enforcement Administration to the Department of Health and Human Services and Treasury Department. Federal charges for cannabis offenses would be dismissed or reduced, and prior convictions would be eligible for expungement.
## Financial Impact and Funding
The legislation imposes a federal excise tax on cannabis products, starting at 10 percent and scaling to 25 percent over five years. Revenue collected would fund an "Opportunity Trust Fund." The bill appropriates approximately $5.2 billion through fiscal year 2029 for various programs, including research, public health initiatives, law enforcement training, and community reinvestment.
## Who It Affects
The bill directly impacts individuals with prior cannabis convictions, cannabis businesses seeking federal banking access, researchers, veterans, people in communities disproportionately harmed by drug war enforcement, and consumers through product regulation. States retain authority to maintain cannabis restrictions despite federal changes.
## Key Programs Created
The legislation establishes grants for community reinvestment ($1.65 billion), equitable cannabis licensing programs ($550 million), and small business assistance for those economically disadvantaged or affected by prior cannabis enforcement. It funds FDA cannabis regulation, impaired driving research, and clinical trials for cannabis treatment of chronic pain and PTSD in veterans.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.