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While adult use of cannabis is legal in 18 states, and medical
use in 37 states, the substance remains illegal under U.S.
federal law, deterring banks and other businesses from engaging
with companies that sell marijuana or related products.
A bill would expunge federal non-violent marijuana crimes and
further medical research, the draft document said.
The draft also states that a new definition of cannabis would be
established within the Federal Food Drug and Cosmetic Act and
primary agency jurisdiction over cannabis would be transferred
to the U.S. Food and Drug Administration, the Alcohol and
Tobacco Tax and Trade Bureau, and the Bureau of Alcohol,
Tobacco, Firearms and Explosives within the Department of
Justice.
It said a cannabis reform act would recognize state law as
controlling the possession, production, or distribution of
cannabis, and that shipment of the substance into a state in
violation of state law would be prohibited.
A final legislative draft will be introduced at a later date and
stakeholders can provide feedback on the draft by Sept. 1.
In April, the U.S. House of Representatives had voted 321-101 to
approve a legislation that would allow banks to provide services
to cannabis companies in states where it is legal.
(Reporting by Arathy S Nair in Bengaluru; Editing by Shinjini
Ganguli)
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