The "Marijuana Opportunity Reinvestment and Expungement Act of 2019" -- also called the MORE Act -- could officially remove cannabis from the list of federally controlled substances, expunge federal marijuana convictions and arrests, and approve allocation of resources for communities affected by the war on drugs, according to the bill's text.

The legislation, introduced by Rep. Jerrold Nadler, D-N.Y., and co-sponsored by more than 50 lawmakers, passed 24-10 in the committee on Wednesday.

It would also establish an organization -- called the Cannabis Justice Office -- to introduce a 5% sales tax on cannabis sales in states where it remains legal, according to the bill.

"These steps are long overdue. For far too long, we have treated marijuana as a criminal justice problem instead of a matter of personal choice and public health," Nadler, the committee's chairman, said during bill markup. "Federal action on this issue would follow growing recognition in the states that the status quo is unacceptable.