Three senior Democratic senators in the United States released a discussion draft of a measure on Wednesday that aims to legalize marijuana on a federal level, allowing adults to buy and possess up to 10 ounces of marijuana without incurring criminal consequences, Reuters reports.
While adult use of marijuana is legalized in 18 states and medicinal use is permitted in 37 others, it remains illegal under federal law, making it difficult for banks and other corporations to do business with marijuana or related enterprises.
The draft also establishes a 21-year-old minimum age for purchasing cannabis and restricts state-level retail sales transaction to 10 ounces of marijuana or the equal quantity of any marijuana derivative per purchase.
If passed, the law may provide a slew of new revenue sources for state-licensed cannabis firms. Many businesses have struggled to get a foot in the door for genuine banking.
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