Schumer to reintroduce federal cannabis reform bill

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Senate Minority Leader Chuck Schumer on Thursday said he intends to reintroduce his bill to remove marijuana from the U.S. controlled substances list, a move that would permit states to regulate cannabis without fear of federal interference.

Rep. Hakeem Jeffries, a Democrat from New York, will introduce the House version of the bill – called the Marijuana Freedom and Opportunity Act.

In addition to removing marijuana from the Controlled Substances Act, the measure would earmark a percentage of industry income tax revenues for small loans for women- and minority-owned cannabis businesses.

Schumer, also a New York Democrat, first introduced the bill last June.

That version collected nine co-sponsors in the Senate.

Comprehensive marijuana reform is expected to face an uphill battle, especially in the Republican-controlled Senate.