Schumer Vows Action on Cannabis, But Major Hurdles in Way (1)

Senate Majority Leader Chuck Schumer said the marijuana legalization bill he’s introducing would be a major step toward an overhaul of U.S. drug laws, but the proposal has a long and uncertain path to passage.

The proposal from Schumer, Senate Finance Chair Ron Wyden and New Jersey Senator Cory Booker was presented as a long-awaited compromise to making cannabis legal, taxable and regulated at the federal level. Because it would take marijuana off the list of controlled substances, it would open up banking and stock exchanges to cannabis companies.

Chuck Schumer speaks beside Cory Booker, left, and Ron Wyden, right, during a news conference at the U.S. Capitol on July 14.

Photographer: Al Drago/Bloomberg

“America is on our side,” Schumer said at a news ...