Before the holidays, we told you what we’re anticipating for cannabis in California and nationwide this year, including the prospects for federal legalization. This bulletin highlights the MORE Act, a federal legalization bill that made history in the House and that contains a number of consequential elements.
(Note: “MORE” stands for Marijuana Opportunity, Reinvestment, and Expungement.)
Status of the MORE Act / Where the MORE Act Stands
On December 4, 2020, the US House of Representatives passed the MORE Act (H.R. 3884)
by a vote of 228-164. It then went to the Senate, where it was referred to the Finance Committee. It did not advance by the end of the 116th Congress and the start of the 117th on January 3. That means the MORE Act – or some version thereof – would need to be (re)introduced in the newly seated Congress.
Then why are we talking about it?
The MORE Act gives us hints about what legislators have in mind for federal cannabis legalization, and its passage in the House is a milestone in the cannabis reform saga. The bill is impactful, complex, and imperfect. Knowing what’s on the table is valuable for the sake of both advocacy and business planning.
Remember: this is all hypothetical for now. We’ll let you know as things develop.
We start by highlighting the sweeping changes proposed in the MORE Act. To help you forecast business considerations, we then drill down further in three areas: banking, taxes, and social equity programs.