Dem senator introduces S. 420 bill that would legalize marijuana

Sen. Ron WydenRonald (Ron) Lee WydenOn The Money: Pelosi says no debt ceiling hike until deal on spending caps | McConnell pressures White House to strike budget deal | Warren bill would wipe out billions in student debt | Senate passes IRS reform bill On The Money: Pelosi says no debt ceiling hike until deal on spending caps | McConnell pressures White House to strike budget deal | Warren bill would wipe out billions in student debt | Senate passes IRS reform bill Senate passes bipartisan IRS modernization bill MORE (D-Ore.) on Friday introduced legislation that would legalize marijuana at the federal level, designating the measure S. 420 in a nod to cannabis culture.

The bill, known as the Marijuana Revenue and Regulation Act, would “responsibly legalize, tax and regulate marijuana at the federal level,” according to the Democratic side of the Senate Finance Committee, where Wyden is the ranking member. 

ADVERTISEMENT

The measure is one of three bills in a broader legislative package — the Path to Marijuana Reform — introduced by Wyden and, in the House, by Rep. Earl BlumenauerEarl BlumenauerFirst major 'Medicare for All' hearing sharpens attacks on both sides First major 'Medicare for All' hearing sharpens attacks on both sides Ex-GOP lawmakers are face of marijuana blitz MORE (D-Ore.), a member of the Ways and Means Committee. The package aims to “preserve the integrity of state marijuana laws and provide a path for responsible federal legalization and regulation of the marijuana industry.”

“The federal prohibition of marijuana is wrong, plain and simple," Wyden said in a statement Friday. "Too many lives have been wasted, and too many economic opportunities have been missed."

“The American people have elected the most pro-cannabis Congress in American history and significant pieces of legislation are being introduced,” Blumenauer said. “The House is doing its work and with the help of Senator Wyden’s leadership in the Senate, we will break through.”

The package also includes the Small Business Tax Equity Act, which aims to prevent marijuana businesses “from getting hit with an unfair tax bill” and another measure that seeks to “shrink the gap between federal and state marijuana policies.”