H.R.1227 - Ending Federal Marijuana Prohibition Act of 2017

What do people think of The Ending Federal Marijuana Prohibition Act?
It is a federal marijuana decriminalization law that has been introduced in multiple United States Congresses..
https://www.congress.gov/bill/115th-congress/house-bill/1227

The bill would do three main things;

1. First, it would remove marijuana from the list of federally controlled substances.
2. Second, the bill would rename the Bureau of Alcohol, Tobacco, Firearms and Explosives to the Bureau of Alcohol, Tobacco, Marijuana, Firearms and Explosives, granting the renamed agency the authority to regulate marijuana in a similar manner to alcohol (and removing marijuana regulation authority from the Drug Enforcement Administration).
   3.Third, the proposed law would require people and companies producing or selling marijuana to purchase permits from the government in order to do so; the purchase price of the permit would help cover the costs of federal regulation of marijuana.

The bill is structured in such a way that individual states could make their own decisions about legalizing marijuana on a state level.

Time to stop the prohibition madness, or will society fall apart if weed is decriminalized??

Here is an interesting recent talk on the subject: