Gardner and Warren emphasized that their bill does not legalize marijuana on the federal level and does not impose legalization on states that don't want it. "I know exactly what he's doing", Trump told reporters when asked about the legislation.
"I'd like to see it done sooner rather than later for a simple reason", Gardner, the first-term Colorado senator, told Jake Tapper on CNN.
President Trump during a news conference in the Rose Garden at the White House on Thrusday.
This week, Mr. Trump commuted the sentence of Alice Johnson, a 63-year-old serving a life term in federal prison for a nonviolent drug conviction. Under the new bill, banks would have the freedom to issue loans or give investments without fear of federal prosecution.
Prohibits employment of persons under age 18 in drug operations.
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The bipartisan bill would amend the Controlled Substances Act to include a framework that says it no longer applies to those following state, territory or tribal laws "relating to the manufacture, production, possession, distribution, dispensation, administration, or delivery of [marijuana]".
Lawmakers in the parliament's lower chamber, the House of Commons, are set to sign off on the Senate's amendments after passing their version of the bill in November 2017.
In a statement released Thursday, Gardner said the proposal would ensure Washington respects the will of voters in each state, whatever their preference on the subject. He said there are concerns about the criminal justice part of the bill and cost of legalization, though he did not specify which costs.
Among cannabusinesses, the National Cannabis Industry Association giving the bill it's official endorsement with business owners praising its banking and tax provisions.
"The STATES Act is a first step toward ending the harms of marijuana prohibition", said Jolene Forman, staff attorney at the Drug Policy Alliance.