Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today announced introduction of S. 420, the Marijuana Revenue and Regulation Act, legislation that would responsibly legalize, tax and regulate marijuana at the federal level.
The legislation is included in a broader package introduced in the Senate by Wyden and introduced in the House of Representatives by senior member of the House Ways and Means Committee Rep. Earl Blumenauer, D-Ore., to preserve the integrity of state marijuana laws and provide a path for responsible federal legalization and regulation of the marijuana industry. The Path to Marijuana Reform also includes the Small Business Tax Equity Act, which prevents legal marijuana businesses from getting hit with an unfair tax bill, and a measure to shrink the gap between federal and state marijuana policies.
“The federal prohibition of marijuana is wrong, plain and simple. Too many lives have been wasted, and too many economic opportunities have been missed,” Wyden said. “It’s time Congress make the changes Oregonians and Americans across the country are demanding.”
“Oregon has been and continues to be a leader in commonsense marijuana policies and the federal government must catch up,” said Blumenauer. “The American people have elected the most pro-cannabis Congress in American history and significant pieces of legislation are being introduced. The House is doing its work and with the help of Senator Wyden’s leadership in the Senate, we will break through.”
