The stocks seem to be trading that way, but is that actually what’s happening? Natalie Fertig is joining us now.
NATALIE FERTIG: So the bill they’re voting on next week is the House’s decriminalization bill, the More Act.
Majority Leader Chuck Schumer has said that he has a bill that he is planning to propose.
But my colleague and I went around and asked a large number of those senators that are in the middle on both sides– the ones that could swing either way.
So he would not only need to get all of those Democrats, but he would need to get some Republicans on board as well.
NATALIE FERTIG: Well, one thing I will point out is that you know the CBO report came out last year on the More Act and it did find that there would be additional tax revenue for if cannabis was legalized.
And that’s because of a tax– a line called 280E, which if you talk to people in the cannabis industry, they will mention it all the time.
We’re at 18 states right now with recreational marijuana, plus the District of Columbia, and two territories.
But I would agree with you that, yes, there is a really high polling for cannabis even amongst Republicans.
Where that goes afterwards though, with expungement, and creating social equity programs, that’s where things get a bit more complicated on Capitol Hill.
So a lot of the lawmakers on Capitol Hill were lawmakers during the Reagan era of saying, don’t say no– to or just say no to drugs.
Whereas, some of the younger lawmakers coming in, we see Republicans like South Carolina Representative Nancy Mace, who has proposed her own decriminalization bill.
JULIE HYMAN: Yeah, it’s difficult to imagine Nancy Pelosi and McConnell sparking one up on Capitol Hill or having that context.
NATALIE FERTIG: To be completely honest, I think that it’s also stalled in the Senate.
And so cannabis legalization and criminal justice reform have become much more tightly combined both in the public eye, and amongst Democrats, and on Capitol Hill.
For lawmakers like Chuck Schumer and like Senator Cory Booker, are the two predominant people that are saying, no let’s not do banking, let’s do comprehensive reform.
So there are some ways that he could twist the Senate’s arm into doing that.
NEW YORK, March 25, 2022 .
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