@CarsonGale Can you be more specific in what you mean by "legalize"? Some other markets have used that word to mean "remove from schedule 1". Is that the case here?
@Joshua here is what chatgpt thinks a reasonable definition is - I agree with this:
For marijuana to be considered legalized at the federal level in the United States, specific legislative and regulatory actions would need to occur. These actions include:
1. Descheduling Marijuana: Removing marijuana entirely from the Controlled Substances Act’s scheduling system, thus acknowledging that it no longer falls under the categories of substances needing strict federal control due to high abuse potential or lack of medical use.
2. Legislative Acts: Congress passing laws that explicitly legalize marijuana. This could include specific provisions for regulation, taxation, and commerce, much like how alcohol and tobacco are currently regulated.
3. Regulatory Framework Development: Federal agencies, such as the Food and Drug Administration (FDA) and the Alcohol and Tobacco Tax and Trade Bureau (TTB), establishing regulations for the production, distribution, quality control, and sale of marijuana. This might include age restrictions, labeling requirements, and quality standards.
4. Banking and Finance Laws Revision: Changing federal banking laws to allow financial institutions to legally provide services to marijuana-related businesses. Currently, many banks are reluctant to service these businesses due to the substance's illegal federal status.
5. Criminal Justice Reforms: Amending federal laws to remove penalties for marijuana-related activities that are no longer illegal, and potentially enacting measures to expunge past marijuana-related convictions.
6. Interstate Commerce Regulations: Establishing rules for the interstate transport and sale of marijuana, which is currently prohibited even between states where marijuana is legal due to its illegal federal status..