TLRY | CANNABIS | The House passed legislation | NEXT???☘️House passes landmark marijuana legalization bill -As reported by CNBC
WASHINGTON — The House passed legislation Friday that would legalize marijuana nationwide, eliminating criminal penalties for anyone who manufactures, distributes, or possesses the substance.
Lawmakers approved the measure in a 220-204 vote.
The legislation dubbed the Marijuana Opportunity Reinvestment and Expungement Act, passed in the House last year, but did not move forward in the Senate.
The tax would begin at 5 percent and eventually increase to 8 percent.
Funding raised through the tax would go toward a fund to provide job training, mentoring, substance-use treatment, legal aid, re-entry services, and youth recreation programs.
“This landmark legislation is one of the most important criminal justice reform bills in recent history,” House Speaker Nancy Pelosi, D-Calif., said in remarks.
Thirty-seven states and Washington, D.C. have enacted laws legalizing medical marijuana , with 18 states and D.C. legalizing marijuana for recreational purposes
The next and most important step is below:
Prospects for passing such a bill in the Senate appear to be low because Democrats would need all of their members and 10 Republicans to overcome a 60-vote hurdle needed to advance to a final vote.
However, considering all the positive development and the technical perspective that is already supporting the bullish movement
we can see CANNABIS moving higher over the next week.
Also, CANNABIS has been one of the most mentioned names on Wallstreetbets this week.
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