The ranking member of the Senate Finance Committee, Ron Wyden (D-OR), has introduced a bill to the senate that would tax and regulate marijuana like alcohol.

The bill, dubbed S. 420, is the companion to a bill introduced by fellow Oregon Democrat, Rep. Earl Blumenauer, who is the senior member of the House Ways and Means Committee. That bill is called H.R. 420.

S. 420 is the “Marijuana Revenue and Regulation Act” and it would create a national framework for states to choose their own paths on marijuana.

As part of the bill, the drug would be removed from the DEA’s list of Schedule I drugs. It would also impose a federal excise tax on legalized marijuana products. It would furthermore require marijuana “producers, importers and wholesalers” to register for a permit with the Department of Treasury. Last, it supports that states be able to continue pot prohibition, with a federal ban on pot sales and distribution there.

“The federal prohibition of marijuana is wrong, plain and simple,” Wyden said. He added, “It’s time Congress make the changes Oregonians and Americans across the country are demanding.”

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