Bill > S4226

This bill, the Cannabis Administration and Opportunity Act, would decriminalize and deschedule cannabis, provide for reinvestment in certain persons adversely impacted by the War on Drugs, provide for expungement of certain cannabis offenses, and make various other changes. Key provisions include: - Removing cannabis and tetrahydrocannabinols from the Controlled Substances Act schedules and no longer treating them as illegal substances. - Transferring cannabis enforcement responsibilities from the Drug Enforcement Administration to the Department of Health and Human Services and the Department of the Treasury. - Establishing the Alcohol, Tobacco, and Cannabis Tax and Trade Bureau to regulate the cannabis industry. - Providing grants and other programs to support communities and individuals adversely impacted by the War on Drugs, including a Community Reinvestment Grant Program, a Cannabis Restorative Opportunity Program, and an Equitable Licensing Grant Program. - Requiring the FDA to regulate cannabis products and establishing standards for cannabis product safety, labeling, and marketing. - Authorizing research on the health impacts of cannabis use and impaired driving, and providing funding for programs to prevent underage cannabis use. - Amending the Internal Revenue Code to impose an excise tax on cannabis products, with revenues going to an Opportunity Trust Fund. - Prohibiting discrimination against individuals based on prior cannabis offenses and protecting the rights of workers in the cannabis industry. - Providing guidance and requirements for financial institutions to serve cannabis-related legitimate businesses.