Senate Majority Leader Chuck Schumer said he plans to introduce the Cannabis Administration and Opportunity Act (CAOA) in the U.S. Senate before the August recess, according to reports on Thursday. The CAOA would legalize cannabis on the federal level and remove it from the list of controlled substances where it now resides as a Schedule I drug. The new law is intended to help put an end to unfair treatment of communities of color. Schumer is teaming up with Sen. Ron Wyden and Sen. Cory Booker and is drafting the measure with input from nearly a dozen committees in the Senate and numerous federal agencies. Schumer had targeted April for the introduction of the bill. AdvisorShares Pure US Cannabis ETF is down 27.7% so far in 2022, compared to a drop of 14.7% by the Nasdaq .
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