If you’ve been keeping up with cannabis legislation recently, then you already know that the MORE Act is now up for a vote in the US House of Representatives. The MORE Act (Marijuana Opportunity Reinvestment and Expungement Act) would aim to repair some of the damages caused by previous cannabis laws in the US. If passed into law, it could make a big difference for cannabis investors, too.
What Is The MORE Act?
If passed into law, the MORE Act would accomplish a few things. First, it would remove marijuana from the Controlled Substances Act, decriminalizing its use. Second, it would expunge the records of those convicted with possession. It would also prevent marijuana use from becoming a barrier to immigration and housing. Finally, the law would set aside funding for reparations caused by the previous cannabis laws that disproportionately affected people of color.
What This Means For The Market
What does the MORE Act mean for investors? It could lead to big changes in the cannabis market. Now, it’s important to note that decriminalization is not the same thing as full legalization. If it passes, cannabis will still be illegal on the federal level, at least for now. Investors in the cannabis market will still need to focus on the states where cannabis is legal. However, some advocates for legalization are hopeful that the MORE Act is a step in the right direction. It could be a sign that full legality isn’t far behind.
If cannabis does eventually gain full legality, it would have a huge impact on the market. Investment opportunities will likely grow exponentially. For an idea of how big the market can get, just look at what happened to CBD sales after hemp products gained full legalization. The market took off almost immediately. The cannabis market will likely see similar growth with nationwide legalization.
Will The MORE Act Pass?
Will the MORE Act become law? It depends on several factors. Some experts have confidence that it will pass, while others have their doubts. If the House passes it, it will then have to go to the Senate and then the president’s desk before it can start making an impact.
In any case, the MORE Act is certainly a sign that lawmakers are paying attention to public opinion. As far as investment opportunities go, savvy investors should keep an eye on this bill’s progress. It could start impacting portfolios very soon.