PharmaCann Inc’s Post

Monumental news in the cannabis world, as the U.S. Department of Health and Human Services (HHS) has officially recommended to the U.S. Drug Enforcement Agency (DEA) that marijuana be moved from Schedule I to Schedule III under federal law. The next step is for the DEA to determine whether to re-schedule marijuana. Although HHS’s recommendation would be binding on the DEA as to “scientific and medical matters,” the decision to re-schedule rests with the DEA. Let’s be clear: The re-scheduling of marijuana is far from a foregone conclusion. DEA has never been a friend to the marijuana industry. But to be equally clear: This is huge. Whitt Steineker, James W. Wright, Jr., Slates Veazey, and I break this down further in this article on Bradley Arant Boult Cummings LLP's Budding Trends blog. More blogs that take a deeper dive into the various implications of rescheduling for the marijuana industry to come. #cannabis #cannabislaw #cannabisindustry #cannabisnews https://lnkd.in/eBVQwXUs

Good point. Declassification of marijuana will, indeed, improve the public perception of all cannabis products, even those defined as hemp. Hopefully this shift in public perception surrounding cannabis products, in general, will cause state lawmakers to be more open-minded to passing commonsense regulation of hemp products.

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

🌿 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

🚨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. ⬇

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

Today the Attorney General initiated the formal rulemaking process to move marijuana to Schedule III of the Controlled Substances Act. Unfortunately, the DEA’s notice of proposed rulemaking totally sidesteps the hard questions of what to do with the existing adult use and medical cannabis markets! The large majority of the 92 page document summarizes and comments upon the prior HHS recommendations on rescheduling and related legal concerns, such as compliance with international treaty obligation. DEA emphasizes that if marijuana is transferred to Schedule III, “the manufacture, distribution, dispensing, and possession of marijuana would also remain subject to applicable criminal prohibitions under the CSA,” and that “marijuana would remain subject to applicable provisions of the FDCA.” With respect to the critical questions on impact to the state cannabis markets, however, DEA is silent and merely solicits public comment, stating: “DOJ recognizes this action may have unique economic impacts. As stated above, marijuana is subject to a number of state laws that have allowed a multibillion dollar industry to develop. DOJ acknowledges that there may be large impacts related to Federal taxes and research and development investment for the pharmaceutical industry, among other things. DOJ is specifically soliciting comments on the economic impact of this proposed rule. DOJ WILL REVISE THIS SECTION AT THE FINAL STAGE IF WARRANTED AFTER CONSIDERATION OF ANY COMMENTS RECEIVED.” (all-caps added). This is disappointing and does not bode well for a smooth transition. The notice of proposed rulemaking can be found here: https://lnkd.in/ggrn4e7A #cannabis #marijuana #cannabisindustry #cannabislaw #THC #hemp #wilsonelser

𝗨𝗦 𝗖𝗵𝗮𝗻𝗴𝗲𝘀 𝗖𝗼𝘂𝗿𝘀𝗲 𝗼𝗻 𝗠𝗮𝗿𝗶𝗷𝘂𝗮𝗻𝗮 𝗥𝗲𝘀𝘁𝗿𝗶𝗰𝘁𝗶𝗼𝗻𝘀 Discover how the DEA's groundbreaking decision to reclassify marijuana as a Schedule III drug recognizes its medical potential and lowers its abuse classification. This historic move could transform medical research and the cannabis industry in the U.S. Dive into the full details and implications of this policy change.