Earlier this month, Senate democrats introduced groundbreaking legislation that would federally legalize marijuana. The Cannabis Administration and Opportunity Act (CAOA) was co signed by Sen. Corey Booker, Senate Majority Leader Chuck Schumer, and Senate Finance Committee Chairman Ron Wyden. Many questions revolving the bill are centered around how the bill will implement banking into the world of cannabis. Many are concerned that the ability to implement banking will be messy and have long term complications. According to MarijuanaMoment, Booker responded by saying that the legislation has complex workings that ensure cannabis banking will have no large issues.
After the bill was unveiled, many reporters asked the White House president Biden’s stance on the legislature. White House Press Secretary Jen Psaki responded to these questions by saying, “Nothing has changed” regarding Biden’s position.
Senator Booker issued in a tweet on Friday that he and the other cosigners of the legislation are now working with the White House to get them on board.
— Cory Booker (@CoryBooker) July 23, 2021
Some others are curious about whether Senate Democrats will be able to muster up the 60 votes needed to pass the reform. Even with a democratic majority in the senate, some democrats have voiced their concerns for the radical reform bill.
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