Senate Majority Leader Chuck Schumer, D., N.Y., Ron Wyden, D., Ore., and Cory Booker, D., N.J. have filed the long-awaited Cannabis Administration and Opportunity Act more than a year after releasing a draft of the measure, Politico reported on Thursday. The measure is not expected to get 60 votes needed for passage in the Senate, plus President Joe Biden has said he does not support federal legalization of pot. However, it’s expected to shape debate around cannabis on Capitol Hill. The law would decriminalize marijuana under federal law and prevent punishment of states that have legalized cannabis. The AdvisorShares Pure US Cannabis ETF is down 52.3% in 2022, compared to a drop of 24% by the Nasdaq.
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