By Asha Glover (July 21, 2022, 6:48 PM EDT) — Cannabis would be federally decriminalized, regulated and taxed under legislation introduced by a trio of Democratic senators Thursday, including Majority Leader Chuck Schumer.
Under the Cannabis Administration and Opportunity Act, an initial 5% excise tax would be applied to small and mid-size cannabis producers that would gradually increase to a maximum of 12.5% after five years, according to the bill’s summary. For larger cannabis businesses, the initial applicable excise tax would be 10%, and it would gradually increase to a maximum rate of 25% after five years. The federal tax revenue would be used to reinvest in communities and individuals most…
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