The most powerful Republican on Capitol Hill just filed a bill to radically change federal laws that currently make cannabis illegal for all purposes.

While new legislation introduced by Senate Majority Leader Mitch McConnell (R-KY) would not legalize marijuana for recreational or medical use, it would remove non-psychoactive cannabis varieties known as hemp from the Controlled Substances Act.

"We all are so optimistic that industrial hemp can become sometime in the future what tobacco was in Kentucky's past," McConnell said last month when first announcing the new bill, which he formally introduced on Thursday with a bipartisan group of cosponsors.

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Tom Angell ~ Forbes.com ~