Authorities in the United States of America have approved a landmark bill on cannabis that could lead to greater opportunities for countries like Jamaica to better position its cannabis industry.

The US congressional judiciary committee on Wednesday approved the bill that would decriminalize and tax marijuana on the federal level.

Director of the Cannabis Licensing Authority, Delano Seiveright notes that the passing of the bill would have positive effects for Jamaica and its cannabis industry.

Mr. Seiveright says the US house judiciary voted 24 to 10 to approve the marijuana opportunity reinvestment and expungement act, which would remove marijuana from the federal list of controlled substances, where it’s now banned alongside powerful drugs like heroin and LSD.

The bill would require federal courts to expunge convictions for marijuana offenses and authorize a 5 % tax on marijuana sales to encourage minority communities to enter the cannabis business.

It’s believed to be the first time a congressional committee has backed legislation to decriminalize marijuana at the federal level.

Mr. Seiveright notes that the bill would have important implications on the banking sector which up until now has shied away from financing cannabis companies.