House Passes Bill Decriminalizing Marijuana; Senate Fortunes Unclear

The House on Friday passed legislation that would remove marijuana from the federal schedule of controlled substances, a move that comes as an increasing number of states have passed decriminalization laws.

H.R. 3617, is known as the Marijuana Opportunity Reinvestment and Expungement Act, or the MORE Act. The House passed similar legislation in December 2020, but it was not brought up for a vote in the Senate, which was controlled by Republicans at the time.

Friday’s 220-to-204 vote largely took place along partisan lines, with only three Republicans joining most Democrats to back the legislation. Two Democrats voted “no.” Four members of Virginia's Congressional delegation signed on to H.R.3617 as co-patrons - Reps. Elaine Luria (D-2nd), Bobby Scott (D-3rd), Don Beyer (D-8th) and Gerald Connolly (D-11th).

It remains unclear whether the latest measure will receive a vote in the Senate. The White House has not yet issued a statement on whether President Biden supports the legislation. A group of Senate Democrats including Majority Leader Charles E. Schumer (N.Y.) and Sens. Cory Booker (N.J.) and Ron Wyden (Ore.) is expected to release draft marijuana legislation later this month.

Learn more (Washington Post)

While your League takes no position on the legalization or decriminalization of marijuana, we do support regulatory clarity for financial instutitions interested in serving legal cannabis businesses, especially important as Virginia works through the logistics of legalizing adult-use cannabis.

Related:

• Four Virginia Congressional Reps Sign On as Co-Patrons for Marijuana Decriminalization Bill
• SAFE Banking Act Added to America COMPETES Act
• Cannabis Banking Bill Likely to Pass Senate in 2022 as Democrats Align
• SAFE Act’s Future Now in Hands of Conference Committee