Bill to Legalize Marijuana at Federal Level Passed by US House, but Awaits Senate Approval

Legality of cannabis businesses at a federal level would mean they’d have greater access to financial services and be freed from federal tax code Section 280E which currently prevents these businesses from taking deductions for ordinary business expenses. The MORE Act would also serve to expunge past nonviolent marijuana convictions under federal law. 

The article explains that the MORE Act is not expected to accelerate the decline of medical marijuana markets. Hopes are that it will instead target tax revenue to fund loan programs for small businesses owned and controlled by socially and economically disadvantaged individuals and increase industry equity.

Yet, this vote remains largely symbolic until it is passed by the Senate–which, if not passed by the current Congress, would start over in January when the new Congress convenes and may or may not see greater success. (It is highly unlikely to be voted on by the Senate in 2020.)