Senate Majority Leader Chuck Schumer has proposed legislation that would decriminalize cannabis on the federal level and take it off of the controlled substance list.
The bill may even start the cannabis industry earlier than expected in the state of New York.
The federal government seems to have a negative view on cannabis, and the bill would impose a federal tax of up to 25% on top of the state’s tax, increasing the cost. The price hike will more than likely be passed onto the consumer.
While lawmakers in the state have legalized the use of cannabis, there is no cannabis control board or regulations in place.
The bill is only a draft so more changes could come in the future.
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