Colorado's governor when the state became the first in the country to legalize recreational cannabis in 2012 reintroduced a bill calling for federal marijuana legalization last week, reported Marijuana Moment.

Titled the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act (PREPARE) Act, the bill from Sen. John Hickenlooper (D-CO) would direct the attorney general to establish the 'Commission on the Federal Regulation of Cannabis' to advise on the development of a regulatory framework modeled after the federal and state regulatory frameworks with respect to alcohol.

The proposal is similar to a measure introduced by Reps. Dave Joyce (R-OH) in April with House Minority Leader Hakeem Jeffries (D-NY) and Brian Mast (R-FL). The legislation sought "to better prepare the federal government for the inevitable end to cannabis prohibition," stated Rep. Joyce at that time.

Hickenlooper initially introduced his measure last year as well. The bill, however, failed to advance through the legislature.

Other key provisions of the bill include:

• The commission would be tasked with examining the various alcohol regulatory frameworks at the federal and state levels to draw insights that can be applied to the regulation of marijuana on the federal level.
• The panel would also be tasked with examining the repercussions of criminalizing marijuana, with a specific focus on its effects on minority communities, individuals with low income, and veterans.
• Other aspects the experts would need to address and assess include product safety, use and labeling requirements, and providing advice on tackling cannabis-related banking and research barriers.
• Lastly, under the legislation, the panel is obliged to deliver a report to Congress within a period of one year.