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.
Please contact Sean Mack at smack@pashmanstein.com or 201.270.4919 for further information.
PartnerSean Mack is the co-chair of the firm's Litigation practice and chair of the firm’s Cannabis & Hemp practice. He also serves as a member of the firm's Executive Committee. Clients turn to Sean for his steadfast guidance, sincere ...
