Marijuana

This is a big deal. Just a couple weeks after 4/20, the U.S. Drug Enforcement Administration (DEA) has reportedly agreed to reclassify marijuana under federal law, as reported by the Associated Press.

This huge shift in policy is a significant development in the Biden administration’s efforts to overhaul cannabis regulations. Just in time for the election, wink wink. But in all seriousness, the move will shift marijuana from its current Schedule I status to Schedule III under the Controlled Substances Act (CSA). The latter schedule is a category typically reserved for substances with recognized medical benefits and a lower potential for abuse.

Matthew Schweich, executive director of the Marijuana Policy Project, hailed the decision as a positive step in federal cannabis policy reform. Yes, Matthew, most Americans would agree. But get this: he emphasized the need for broader reform efforts at the state level to address the criminalization of medical cannabis patients and users. Echoed to the rafters. 

The decision, confirmed by anonymous sources, awaits formal announcement pending approval by the White House Office of Management and Budget. This follows a recommendation from the U.S. Department of Health and Human Services in 2023, supported by scientific evidence of marijuana’s medicinal properties. So basically, it is moving its way through to the executive branch, aka Biden. That said, despite the reclassification, Schweich expressed disappointment with the pace of progress under the Biden administration, noting the continued discrepancy between marijuana’s legal status and its relatively low risk compared to other substances. Even still, the move comes after President Biden’s executive order in 2022 pardoning thousands of low-level marijuana convictions and directing a review of federal cannabis prohibition. Earlier this year, a federal review led by the U.S. Food and Drug Administration acknowledged marijuana’s medical efficacy and potential for rescheduling.

The regulated cannabis industry welcomes the DEA’s decision. Leaders like Matt Darin of Curaleaf and George Archos of Verano Holdings praised the move as a step toward undoing the harms of the War on Drugs. The failed war on drugs. They highlight the widespread support for cannabis legalization and its economic and medicinal benefits. George Sadler, CEO of Gelato Cannabis, anticipates significant financial benefits for regulated marijuana companies with reclassification, as they will no longer face tax restrictions applied to Schedule I substances, leading to reduced business costs. To sum it up, the reclassification of marijuana to Schedule III reflects evolving attitudes and scientific recognition of its therapeutic value, signaling a pivotal moment in cannabis policy reform in the United States. Bout time. 

The post DEA Agrees To Finally Reschedule Marijuana Under Federal Law first appeared on The Source.

The post DEA Agrees To Finally Reschedule Marijuana Under Federal Law appeared first on The Source.

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