Here’s what Senator Cory Booker had to say about Biden’s marijuana pardon

Through Nina Zdinjak

President Joe Biden announced he would pardon all previous federal offenses for simple marijuana possession, the White House announced Thursday, sending cannabis stocks skyrocketing.

The historic move signals the possibility of broader marijuana reform, something cannabis activists have long sought and has the backing of a majority of U.S. voters.

Sen. Cory Booker (D-NJ), one of the co-sponsors of the Cannabis Administration and Opportunity Act (CAOA), which would federally decriminalize and decriminalize cannabis and promote social justice, hailed the news.

“President Biden’s executive order is transforming the lives of thousands of people and families harmed by our broken cannabis laws,” said Booker. “This is a big step towards a fairer criminal justice system and more rational drug policies.

“Now is the time for Congress and the states to put an end to our failed policies by legalizing and appropriately regulating cannabis, taxing cannabis, reinvesting proceeds into communities disproportionately harmed by the War on Drugs, and criminal records for… eradicate nonviolent drug crimes.”

RELATED: Biden Announces Pardons for All Federal Marijuana Possession Convictions

A year ago, Booker urged the Department of Justice (DOJ) to use its powers under the Controlled Substances Act of 1970 (CSA) to begin the process of delisting cannabis from the Schedule 1 drug list.

On the other hand, in July 2022, Booker called on the Biden administration to use its power to remove cannabis and grant pardons to all those convicted of nonviolent marijuana-related crimes.

US Senate Majority Leader Charles Schumer (D-NY) (C), along with Sen. Cory Booker (D-NJ) (L) and Sen. Ron Wyden (D-OR) / Photo by Kevin Dietsch/Getty Images

Is federal marijuana legalization the next step?

While many industry experts doubt that federal cannabis legalization will happen anytime soon, they believe at least one piece of legislation has the potential to pass the Senate anytime soon. Sponsors of the Secure and Fair Enforcement (SAFE) Banking Act, led by Sen. Jeff Merkley (D-OR), recently discussed the urgency of cannabis reform in this session, reiterating the public safety need to give the industry access to the traditional financial system.

The Senate never voted on the Banking Reform Act, which the House of Representatives passed for the sixth time in July as part of the National Defense Authorization Act.

Cantor’s Zuanic recently met with lawmakers in the nation’s capital and said congressional leaders are poised to pass banking legislation for the cannabis industry in the upcoming election.

He pointed out that the passage of “SAFE Plus” is likely during the lame duck phase of Congress between the midterm elections in November and the swearing-in of the new Congress in January 2023.

RELATED: Majority of US Voters Support Legalizing Marijuana Federally, But Do Politicians Care?

The SAFE Banking Plus Act is an updated version of a bill that includes provisions to protect financial institutions that provide services to federally legal cannabis businesses. It also includes some equity components.

“We think talk of a SAFE Plus (invoice) is something that should be taken seriously,” Zuanic told investors in a Zoom conversation. “It’s not just a jingle. It’s not a pipe dream. It’s something that lasts. There are high-level discussions in the Senate between co-sponsors of the SAFE Banking Act on the Republican side with Senate leadership.”

In the end, Biden’s pardons definitely give hope to those looking to push SAFE Plus through the Senate and create a positive and more functional environment for the booming cannabis industry.

This article originally appeared on Benzinga and has been republished with permission.