Senate Majority Leader Chuck Schumer’s recent unveiling of the Cannabis Administration and Opportunity Act restored eroding confidence among social justice advocates and industry stakeholders that federal legalization of marijuana is imminent.

Schumer’s answer to two related bills pending before the House of Representatives—the Marijuana Opportunity Reinvestment Act of 2021 (MORE Act) and the Secure and Fair Enforcement Banking Act of 2021 (SAFE Banking Act)—would institute sweeping progress by decriminalizing marijuana, easing financial restrictions for plant-touching companies, and creating a framework for federal oversight of the flourishing $17.5 billion legal cannabis trade.