MORE Act Passes the House
In a historic vote, the US House of Representatives voted 228-164 in favor of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act.
The MORE Act would decriminalize marijuana at the national level by removing it from the controlled substances list. The Act would impose a 5% federal tax on marijuana sales to fund various services for individuals negatively impacted by the war on drugs. The MORE Act also would authorize the Small Business Administration to provide SBA loans to state legal cannabis entities, which would provide a needed source of lower cost financing for the cannabis industry.
The US Senate has not moved forward on the MORE Act so it remains to be seen if this will become a law.
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Sean Mack is the co-chair of the Cannabis and Hemp practice and co-chair of the firm’s Litigation practice. Clients turn to Sean for his steadfast guidance, sincere interest in the success of their businesses, and extensive ...