Senate minority leader Chuck Schumer has introduced legislation to decriminalise marijuana at the federal level.

The Marijuana Freedom and Opportunity Act removes marijuana from the list of scheduled substances under the 1970 Controlled Substances Act, which classifies marijuana as equally dangerous as heroin and more dangerous than cocaine. The act will continue to allow states to decide how to handle marijuana possession.

"The time to decriminalize marijuana is now," Mr Schumer said in a press statement. "This legislation is simply the right thing to do."

The legislation also makes an effort to "level the economic playing field," by establishing funding for "women and minority-owned marijuana businesses."

Advocates have long-argued that current marijuana legislation unfairly penalises people of colour and minority groups. Black people were arrested for marijuana use at a rate of 17.7 per 100,000 in 2016, while white people were arrested at a rate of 1.8 per 100,000, according to a report by the Drug Policy Alliance, a pro-legalisation group.

The bill would also invest $500m over five years to work with the National Institutes of Health (NIH) and the Commissioner of Food and Drug Administration (FDA). The money would be used for medical marijuana research and understanding the effects of THC, the active chemical in cannabis.

The legislation comes after Mr Schumer promised its introduction earlier this year, announcing the news on April 20 or "420," known by advocates around the world as an unofficial day of marijuana celebration.

In pictures: 4/20 Marijuana world rallies Show all 26 1 /26 In pictures: 4/20 Marijuana world rallies In pictures: 4/20 Marijuana world rallies A man wears a marijuana leaf mask during the annual 4/20 cannabis culture celebration at Sunset Beach in Vancouver, British Columbia AP In pictures: 4/20 Marijuana world rallies A lady smokes marijuana on Parliament Hill on 4/20 in Ottawa, Ontario Getty Images In pictures: 4/20 Marijuana world rallies James Reed smokes a joint during the Denver 420 Rally at Civic Center Park in Denver, Colorado Getty Images In pictures: 4/20 Marijuana world rallies People sign a 4/20 sign on Parliament Hill on in Ottawa, Ontario Getty Images In pictures: 4/20 Marijuana world rallies A woman smokes marijuana on Parliament Hill on 4/20 in Ottawa, Ontario. Polling released showed strong support in Canada for a government drive to legalise recreational use of marijuana, but many would like the proposed minimum age for consumption to be raised. Sixty-three percent of respondents told the Angus Reid Institute they support legalisation Getty Images In pictures: 4/20 Marijuana world rallies A man smokes marijuana during the annual 4/20 marijuana rally on Parliament Hill in Ottawa, Ontario, Canada Reuters In pictures: 4/20 Marijuana world rallies Demonstrators smoke marijuana during the '4/20 Santiago' rally in favour of legalisation in front of the La Moneda presidential palace in Santiago, as part of the Global Marijuana March which is being held in hundreds of cities worldwide Getty Images In pictures: 4/20 Marijuana world rallies People play with a mock marijuana joint during a 4/20 party to demand legalisation and to celebrate marijuana culture outside the Senate building in Mexico City, Mexico Reuters In pictures: 4/20 Marijuana world rallies Adam Eidinger, co-founder of DCMJ, hands out free marijuana joints to DC residents who worked on Capitol Hill as part of the 1st Annual Joint Session to mark '4/20' day and promote legalising marijuana on Capitol Hill in Washington, DC Getty Images In pictures: 4/20 Marijuana world rallies In pictures: 4/20 Marijuana world rallies Police arrest Rachel Ramone Donlan after she handed out free marijuana joints to DC residents who worked on Capitol Hill as part of the 1st Annual Joint Session to mark '4/20' day and promote legalising marijuana on Capitol Hill in Washington, DC AFP/Getty Images In pictures: 4/20 Marijuana world rallies Police arrest Rachel Ramone Donlan after she handed out free marijuana joints to DC residents who worked on Capitol Hill as part of the 1st Annual Joint Session to mark '4/20' day and promote legalising marijuana on Capitol Hill in Washington, DC Getty Images In pictures: 4/20 Marijuana world rallies Thousands of people gather to smoke marijuana during the '420 Santiago'rally in front of the La Moneda presidential palace in Santiago Getty Images In pictures: 4/20 Marijuana world rallies People attend the Denver 420 Rally at Civic Center Park in Denver, Colorado Getty Images In pictures: 4/20 Marijuana world rallies Kevin Barron and Lasean Moore of Raleigh, North Carolina, share a joint during the Denver 420 Rally at Civic Center Park in Denver, Colorado Getty Images In pictures: 4/20 Marijuana world rallies Nic Ruhl takes a pull on a giant hand rolled joint at precisely 4:20pm MDT during the Denver 420 Rally at Civic Center Park in Denver, Colorado Getty Images In pictures: 4/20 Marijuana world rallies Various cannabis paraphernalia on display at a vendor's stall during the Denver 420 Rally at Civic Center Park in Denver, Colorado Getty Images In pictures: 4/20 Marijuana world rallies Mo Banez, of Austin, Texas, lights a joint during the Denver 420 Rally at Civic Center Park in Denver, Colorado Getty Images In pictures: 4/20 Marijuana world rallies A man displays a large container of cannabis during the Denver 420 Rally at Civic Center Park in Denver, Colorado. The rally, held annually, is a celebration of both the legalisation of cannabis and cannabis culture. Colorado is one of twenty-six U.S. states along with the District of Columbia that has legalised the use of cannabis either recreationally or medically AFP/Getty Images In pictures: 4/20 Marijuana world rallies Sitting in small groups on mats shaded by trees in the Rose Garden just across from the Knesset, participants lit up as the clock struck 4:20 for the local version of the traditional worldwide April 20 pro-marijuana events, known as '420' rallies Getty Images In pictures: 4/20 Marijuana world rallies An Israeli smokes a marijuana joint in Jerusalem during a rally at the Rose garden Getty Images In pictures: 4/20 Marijuana world rallies Sitting in small groups on mats shaded by trees in the Rose Garden just across from the Knesset, participants lit up as the clock struck 4:20 for the local version of the traditional worldwide April 20 pro-marijuana events, known as '420' rallies Getty Images In pictures: 4/20 Marijuana world rallies An Israeli girl poses with a mock marijuana joint in Jerusalem during a rally at the Rose garden, to celebrate 420 and to express their defiance of current laws Getty Images In pictures: 4/20 Marijuana world rallies aelis pass around a marijuana joint in Jerusalem during a rally at the Rose garden, to celebrate 420 and to express their defiance of current laws Getty Images In pictures: 4/20 Marijuana world rallies An Israeli smokes a marijuana joint in Jerusalem during a rally at the Rose garden, to celebrate 420 and to express their defiance of current law Getty Images In pictures: 4/20 Marijuana world rallies An Israeli smokes a marijuana joint in Jerusalem on April 20, 2017 during a rally opposite the Knesset to celebrate 420 and express defiance of current laws AFP/Getty Images

Mr Schumer's bill is co-sponsored by Senators Bernie Sanders (Independent-Vermont), Tim Kaine (Democrat-Virginia) and Tammy Duckworth (Democrat-Illinois). New Jersey Democratic Senator Cory Booker' Marijuana Justice Act as also been introduced in both the House and Senate, and is co-sponsored by Senators Kamala Harris (Democrat-California) and Jeff Merkley (Democrat-Oregon).

Mr Schumer has previously been unsure about marijuana legalisation, taking a "watchful waiting" approach, telling reporters in 2014, "I want to see how it works in a variety of states," and adding "We should leave it up to the states, and let's have an experiment. Colour me watchful."

The news comes as Oklahoma has voted to legalise medical marijuana. The move in a traditionally Republican state signalled to many advocates that there is wide-ranging and bi-partisan support for marijuana legalisation.