Benzinga | Jul 14, 2021 12:01PM EDT

WATCH LIVE: Sen. Schumer Unveils Cannabis Legalization Bill

Senate Majority Leader Chuck Schumer (D-NY) and fellow Sens. Cory Booker (D-NJ) and Ron Wyden (D-Ore.) will introduce Wednesday an outline of the proposed Cannabis Administration & Opportunity Act.

The proposed bill includes plans to remove marijuana from the Controlled Substances Act, expunge prior convictions, and allow cannabis businesses access to the banking system.

The press conference of the announcement is expected to start at 12:15 p.m. ET. Watch the live stream below.

Read more about the plan: Full Details Of Schumer's Federal Cannabis Legalization Bill Unveiled, 'Days Of Federal Prohibition Are Numbered,' Advocates Speculate

Related: Biden Picks Former West Virginia Chair Of Cannabis Advisory Board As Top Drug Policy Official: Dr. Rahul Gupta