"I am the first majority leader to say it's time to end the federal prohibition on marijuana and as majority leader, I'm going to push this issue forward and make it a priority for the Senate," Schumer said Thursday, according to The Hill.
On Wednesday, Schumer introduced the Cannabis Administration and Opportunity Act, which would legalize marijuana by removing it from the Controlled Substances Act, allowing for it to be taxed and regulated.
The bill would allow financial services such as bank accounts and loans for legal cannabis businesses. Even though many states, including Michigan, have legalized marijuana for recreational use, it remains a Schedule 1 banned drug in the eyes of the federal government, which can put many legal businesses in hot water when it comes to banking.
The proposed legislation would also immediately expunge the criminal records of people with low-level marijuana offenses.
Sen. Corey Booker of New Jersey and Ron Wyden of Oregon, both Democrats, are sponsors of Schumer's bill.
"At long last it would take steps to right the wrongs of the failed war on drugs," Schumer said.The federal proposal comes as other states blow past Texas in legalizing weed for personal use and widening is medical availability. At present, 18 states and Washington, D.C. have made it legal for recreational use.
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