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The Drug Enforcement Administration wants to reclassify marijuana as "less dangerous," a move that, if approved, would represent a historic 180-degree turn. The proposal would downgrade marijuana from Schedule I — a drug with no medical purpose and a potential for abuse — to Schedule III, a category that applies to prescription drugs such as Tylenol with codeine. Rescheduling could hand the cannabis industry a much-needed boost: Venture-capital investments fell to $550 million last year after hitting $3 billion in 2019. The move would also allow cannabis companies to deduct business expenses on their taxes. Shares of cannabis companies surged as much as 67% in the wake of the reclassification news. The White House Office of Management and Budget still has to review and approve the change, which does not decriminalize the drug for recreational purposes. https://lnkd.in/gxGSCJ4E

In an unprecedented development with revolutionary implications for the American cannabis industry, the U.S. Drug Enforcement Administration is loosening federal restrictions on marijuana and concurring that the drug has medical value, the Associated Press reported Tuesday. The DEA is agreeing with an August 2023 recommendation from federal health regulators to move cannabis from Schedule 1 to Schedule 3 of the Controlled Substances Act, the AP reported, citing five anonymous sources “familiar with the matter.” #rescheduling #schedule3 #cannabisrescheduling #cannabisindustry #cannabistaxes #cannabispolicy #cannabisbanking https://lnkd.in/gMbcUDwk

A monumental step in the right direction with the groundbreaking news that the DEA is taking strides to reclassify marijuana as a less dangerous drug. This historic shift marks a significant turning point in American drug policy, with potential ripple effects across the nation. The proposal, which acknowledges the medical benefits of cannabis and its lower potential for abuse compared to many other controlled substances, represents a step forward in removing the stigma surrounding cannabis. By recognizing its therapeutic value, this move paves the way for greater acceptance and integration of cannabis into mainstream society. What's particularly encouraging is that this reclassification could foster a harmonious coexistence between hemp and cannabis, facilitating their growth and regulation together. It bridges the legal gap that has long divided the industry, offering new opportunities for innovation and collaboration. Hemp has been a trailblazer in the legal realm, and it's a good reminder that making these products accessible helps the well-being of consumers and boosts the economy. https://lnkd.in/gQbbE3bq

Yesterday, the AP reported that the DEA will be reclassifying marijuana from a Schedule I (in a category with heroin and lsd, i.e. a drug with no currently accepted medical use and high potential for abuse) to a Schedule III drug (in a category with ketamine and anabolic steroids). This is important - although it is still a controlled substance from the perspective of the federal government, this is a key first step towards decriminalization/full legalization. The classification of marijuana as a Schedule I has been difficult to justify for decades - 38 of the 50 states have state laws that legalize medical marijuana. Furthermore, this rescheduling will allow for federal funds to be used to study the potential medical applications of this ubiquitous and useful plant. Read more here - https://lnkd.in/gkh3X9dU

🚨BREAKING🚨 “(R)escheduling to Schedule III would mark a significant step forward, (but) it would not resolve the worst harms of the current system… the DEA should deschedule marijuana altogether,” wrote the senators. “Marijuana’s placement in the CSA has had a devastating impact on our communities and is increasingly out of step with state law and public opinion.”   “Once descheduled, marijuana can still be subject to public health regulations, drawing from lessons learned through the regulation of alcohol and tobacco,” continued the senators.   The 2023 HHS recommendation to move marijuana to a less restrictive DEA schedule followed an October 2022 directive from President Biden requiring HHS and the Department of Justice (DOJ) to review the current scheduling of the drug. Prior to this review, the last review of marijuana scheduling occurred in 2016, when HHS ultimately recommended keeping marijuana under Schedule I. HHS has since identified credible scientific support for marijuana’s medical uses and has reversed its position. The medical science, as well as developments in state law and international law, support removing marijuana from Schedule I.   The senators have requested that the DEA and DOJ provide more information on steps taken to act on HHS’s rescheduling recommendation no later than February 12, 2024.   Senators Chuck Schumer, Cory Booker, Jeff Merkley, Bernie Sanders, Kirsten Gillibrand, Ron Wyden, Peter Welch, Chris Van Hollen, and Alex Padilla also signed the letter. Link to read full letter below. ⬇

Such an important time in cannabis national history. We need: 👉 a collective agreement in oversight to protect states programs and the safety of patients and consumers nationwide. 👉 collaborative standards that keep harms from the most vulnerable patients and consumers while supporting a thriving and sustainable business culture. 👉 a model that prioritizes research for therapies and cures using integrative approaches to chronic conditions, rehabilitation and prevention of disease. 👉 a modern model for the oversight of botanical and natural therapeutics in clinical settings. If you haven’t considered this model legislation and the Office of Medical Cannabis Control that decriminalizes cannabis, and moves cannabis medicine forward, take a review and share with your colleagues and legislators.

🌿 DEA Considers Marijuana Reclassification: Potential Shift in Federal Drug Policy 🌿 Recent reports indicate that the U.S. Drug Enforcement Administration (DEA) is contemplating reclassifying marijuana, potentially moving it from its current Schedule I classification to a lower schedule. This proposed change reflects a recognition of marijuana's medicinal benefits and a reassessment of its abuse potential compared to other substances. While this proposal does not equate to outright legalization for recreational use, it marks a significant step in acknowledging the evolving landscape of cannabis regulation. The DEA's move follows President Biden's call for a review of federal marijuana laws in 2022, which included pardoning individuals convicted of simple possession, citing the undue barriers these convictions pose. Federal drug policy has lagged behind state-level reforms, with a majority of states having already legalized medical marijuana and a significant portion permitting recreational use. Aligning federal regulations with state laws could streamline governance and potentially alleviate the tax burden on the burgeoning marijuana industry. The DEA's proposal is currently under review by the White House Office of Management and Budget, with a forthcoming public comment period before any final rule is established. It's an evolving situation worth monitoring, reflecting the ongoing dialogue surrounding drug policy in the United States. #DEA #MarijuanaReclassification #DrugPolicy #FederalRegulation #PublicHealth

Regulators have proposed moving marijuana from a Schedule I to Schedule III drug. Check out this piece from Brian Michael Egan, our Director of Government Affairs, for more information on the topic: https://lnkd.in/ex248Mja

Encouraging news on the reform of federal marijuana policy. While revising the control of marijuana from Schedule I to Schedule III will produce immediate benefits to cannabis businesses, there is significant uncertainty on how these businesses can comply with the regulations for Schedule III drugs. Hopefully, DEA will provide clarity when it completes the administrative process for rescheduling marijuana. Even after DEA completes this process, however, the Federal Food, Drug, and Cosmetic Act will remain an obstacle to creating a consistent federal marijuana policy. Without further action, FDA will likely consider marijuana marketed for medical purposes (medical or recreational marijuana) to be an unapproved “new drug” under the FDCA. Congress has introduced legislation to address this situation, but it has not taken any further action on the legislation. Need help analyzing how DEA regulations might impact your cannabis business? Feel free to send me a message. #TuckerEllis #CannabisLaw #MedicalMarijuana

In a historic shift in U.S. drug policy, the Justice Department announced on Thursday its formal move to reclassify marijuana as a less dangerous drug. This decision marks a significant departure from decades of stringent regulation under federal law, which has classified marijuana alongside more harmful substances. The reclassification aims to reflect the growing body of scientific evidence supporting the medical benefits of marijuana and acknowledges the changing public perception and state-level legalization trends. This pivotal move could pave the way for broader legal reforms and greater acceptance of marijuana for medical and recreational use across the United States. #cannabisnews #us #justicedepartment #medical #cannabisindustry #cannabiscommunity #thecbdsupplieruk