Senator Schumer Launches Draft Federal Marijuana Legalization Bill, Analyst Says Bill 'Designed to Fail'

Senate Majority Leader Chuck Schumer (D-NY) has unveiled today a draft bill to federally legalize cannabis. The draft document removes cannabis from the “Controlled Substances” list while preserving the right for states to ban it.

The leader of the U.S. Senate and his colleagues, including Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ), presented a “Cannabis Administration and Opportunity Act.”

Senators said that a 30-page document has outlined ideas for discussion and not legislation. Once interested parties have voiced their opinion, the deadline for this is September 01, senators would proceed with drafting of the bill.

“For decades, our federal government has waged a War on Drugs that has unfairly impacted low-income communities and communities of color,” Sen. Booker said.

“While red and blue states across the country continue to legalize marijuana, the federal government continues to lag woefully behind. It is time for Congress to end the federal marijuana prohibition and reinvest in communities most impacted by the failed War on Drugs.”

Senators added that they are seeking to build on efforts made via the Marijuana Opportunity Reinvestment and Expungement Act, or MORE Act. The idea is to remove cannabis’ classification as a “Class 1” drug along with heroin.

Cowen analyst Jaret Seiberg believes Senators won’t be able to secure 60 votes in the Senate for the cannabis bill to pass.

“We believe this legislation is designed to fail. It is close to everything that progressives want while providing little reason for Republican senators to back the measure. We see it as a political effort designed to boost Schumer and other Democratic senators in the 2022 primary and general election fights,” analyst said in a note.

“Compromise is key as we expect the filibuster will remain in effect. That means at least 10 Senate Republicans and every Senate Democrat must back the package. We are not even sure this package could get the backing of every Democrat. It is even harder to see how it could get the needed GOP votes. Republicans are likely to view the broad expungement effort as a push to create New Democratic voters. That is another hurdle to compromise,” Seiberg argues.

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