Quick Take: Understanding the House Judiciary Committee’s Passage of the MORE Act

The Story

The House Judiciary Committee in the U.S. passed the Marijuana Opportunity, Reinvestment and Expungement ("MORE") Act in a 24-10 vote on Wednesday. If passed, the MORE Act would decriminalize cannabis at the federal level.

Impact

Mildly positive.

Reasoning

The MORE Act was approved by the House Judiciary Committee, the congressional subcommittee that oversees the administration of justice in the U.S. While this indicates positive momentum for the decriminalization of cannabis on a federal level, and is a historic event in and of itself, this approval was largely ceremonial as the MORE Act faces a long road to potential passage.

The MORE Act's passage represents the first time a congressional committee has ever debated and voted on the specific mechanics of how cannabis could be legalized on the federal level. However, the ultimate passage of the Act still faces significant headwinds, especially in the Senate, owing to political realities in the U.S. The House vote was mostly along party lines, and the little bipartisan support offered by Republicans on the House Judiciary Committee suggests that further compromises may be required ahead of the MORE Act's potential reading on the floor of the House.

Key Takeaway

Momentum appears to be building for an overhaul of cannabis enforcement from the justice department. This, in conjunction with the USDA's draft Hemp Regulations clarifying the rules on interstate transfer of CBD isolate derived from hemp, suggest that U.S. lawmakers are paying attention to mounting public support for modernizing cannabis laws. In that regard, yesterday’s vote is a good news story.

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