US Senate Majority Leader Chuck Schumer and his colleagues are set to unveil on Wednesday a draft bill that would legalize cannabis across all 50 states, Marijuana Movement reported.

  • Dubbed the Cannabis Administration and Opportunity Act, the draft is authored by Schumer, Senate Finance Committee Chairman Ron Wyden, and Senator Cory Booker. The Senators are scheduled to brief the press on Wednesday.
  • Provisions have yet to be made public, but the draft will be released to ignite discussions ahead of the formal filing of the bill later. The three senators already met with stakeholders regarding the measure earlier this year.
  • Schumer said the draft will ensure “restorative justice, public health, and implement responsible taxes and regulations.” He earlier said the measure will also push for restrictions on the ability of alcohol and tobacco companies to surpass the cannabis industry.

A counterpart at the House of Representatives was filed in May, sponsored by Judiciary Committee Chairman Jerrold Nadler.

THCX is up 1.29%.