The Compassionate Access, Research Expansion and Respect States (CARERS) Act seems to be moving forward in congress as more and more lawmakers respond to the public's growing support for marijuana legalization.
On Tuesday, the CARERS Act gained supporters from both sides of the isle in congress as several new cosponsors signed on.
Representatives Steve Cohen and Don Young introduced the bill to the house last week to what Cohen says was a positive reception.
On Tuesday, Cohen issued a statement saying that both parties are in agreement that federal marijuana legislation needs reform.
So far, the bill has garnered support from six Republicans and six Democrats in the Senate.
The CARERS Act would change the way that marijuana is viewed at a federal level by taking the drug off the list of Schedule I drugs, which are said to have no known medical uses.
Related Link: New York Dips A Toe Into Marijuana Trade
By reclassifying marijuana as a Schedule II drug, the government would open up the possibility of further scientific testing on the effects of marijuana on a range of ailments.
CARERS To Benefit Drug Makers
Pharmaceutical companies working to develop drugs that rely on the therapeutic properties of cannabis would see a huge benefit from the passage of the CARERS Act.
GW Pharmaceuticals PLC- ADR (NASDAQ: GWPH) and Insys Therapeutics Inc (NASDAQ: INSY) both have cannabidiol drugs in their pipeline, but the approval process and distribution for those products is likely to be arduous under the current legislation.
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