Senators Propose Cannabis Descheduling Plan: Five Takeaways For The Cannabis Industry

Last week, Senators Schumer (D-NY), Booker (D-NJ), and Wyden (D-OR) circulated a discussion draft of the Cannabis Administration and Opportunity Act, a legislative proposal to deschedule and legalize cannabis.  In related statements to the Senate, Senator Schumer emphasized that cannabis legislation will be prioritized during this Congress, stating "it's time to end the federal prohibition on marijuana [a]nd as majority leader, I am going to push this issue forward and make it a priority."

While there is much to explore in the bill's 163 pages, here are five immediate takeaways for the cannabis industry.

• Discussion Draft: The Senators took the unusual step of publicly circulating this discussion draft of legislation before the proposed bill is formally introduced in the Senate, and the Senators' offices are accepting public comments on the proposal until September 1, 2021. The legislative proposal is meant to promote discussion among stakeholders that will