A trio of senators are about to unveil a sweeping cannabis reform proposal. Here's what we know so far.

<p><img src="https://static2.businessinsider.com/image/60513bbefe6a340019acf03c-2000/cannabis.jpg" border="0" alt="cannabis legalization" data-mce-source="Photo by Caroline Brehman/CQ-Roll Call, Inc via Getty Images" data-mce-caption="Marijuana activists hold up a 51-foot inflatable joint during a rally at the U.S. Capitol to call on Congress pass cannabis reform legislation on Tuesday, Oct. 8, 2019."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Top Democratic senators are set to unveil a sweeping <a href="https://www.businessinsider.com/cannabis">cannabis</a> reform proposal on Wednesday, capping off months of suspense over legislation to change the drug's federal status.</p><p>The discussion draft from Senate Majority Leader Chuck Schumer, Sen. Ron Wyden, the top Democrat on the Finance Committee, and Sen. Cory Booker, a Democrat from New Jersey, will be unveiled during a press conference Wednesday, a source briefed on the timing told Insider.&nbsp;</p><p>The bill will be called the Cannabis Administration and Opportunity Act, and the discussion draft is meant to put out ideas for lawmakers and outside groups to weigh in on, the person said.</p><p>Wyden declined to discuss specifics of the bill when asked by an Insider reporter on Tuesday. He said that he thinks the bill is "going to have a lot of attractive features that speak to where the country wants to go" and that it "ought to be pretty appealing to Republicans,"</p><p>Members are keeping the details of the bill tightly held so far, and we'll update this story as we learn more.</p><p>Based on past interviews with senators and outside groups, the bill is expected to expunge past cannabis-related criminal records, give the federal government new authorities to regulate cannabis products, and prioritize small businesses owned by those who have been impacted by the War on Drugs.</p><p>It's unclear how the bill will approach the legalization of cannabis, or move to change its status as a Schedule I drug.</p><p>Industry publication Marijuana Moment <a href="https://www.marijuanamoment.net/schumer-to-unveil-federal-marijuana-legalization-bill-on-wednesday/">first reported</a> that the discussion draft would be released on Wednesday.&nbsp;</p><p>The bill is unlikely to become law in this Congress because 60 senators don't support making cannabis more widely available<a href="https://www.businessinsider.com/marijuana-legalization-federal-decriminalization-congress-democrats-banking-schumber-2021-3">including many Democrats</a>. Still, it's the first time that Democrats in leadership in the Senate have taken on the issue as one of their top priorities.&nbsp;</p><p>The long-awaited federal bill comes after <a href="https://www.businessinsider.com/marijuana-legalization-ballot-tracker-new-jersey-arizona-montana-vote-results-2020">a slew of states voted to legalize cannabis</a> in November's elections, and more pushed to establish recreational programs this year. In total, 18 states and Washington D.C. have legalized adult-use cannabis in the US while <a href="https://www.businessinsider.com/legal-marijuana-states-2018-1">37 states now have medical marijuana programs</a>.&nbsp;</p><p>There are other cannabis-related bills are circulating Capitol Hill. The Marijuana Opportunity Reinvestment and Expungement Act, or the MORE Act, which would decriminalize cannabis federally, <a href="https://www.businessinsider.com/us-congress-marijuana-vote-more-act-cannabis-decriminalization-2020-12">passed the House of Representatives in late 2020</a>, though it didn't advance in the Senate.&nbsp;The MORE Act was reintroduced earlier this year.</p><p>The Secure and Fair Enforcement Banking Act, or SAFE Banking Act, which would help cannabis companies access the banking system, <a href="https://www.businessinsider.com/cannabis-banking-bill-safe-act-congress-marijuana-credit-debit-card-2021-3">passed the House earlier this year.</a></p><p>The Marijuana 1-to-3 Act, a bill that moves cannabis to a lower schedule on the Controlled Substances Act, was reintroduced in the House in January, and House Republicans introduced The Common Sense Cannabis Reform for Veterans, Small Businesses, and Medical Professionals Act in May, a bill that would federally de-schedule cannabis.</p><p><a href="https://www.businessinsider.com/democrats-senators-schumer-wyden-booker-cannabis-reform-bill-marijuana-legalization-2021-7#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/sneaky-ways-costco-buy-more-tricks-2018-5">Sneaky ways Costco gets you to buy more</a></p>
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