Halleluiah!! Rescheduling of Cannabis to Schedule 3

The US Department of Health and Human Services Recommends Cannabis Rescheduling from Schedule I to Schedule III.

What does it mean for Medical Cannabis Patients?

HHS says marijuana should no longer be a Schedule 1 controlled substance, like heroin and LSD, which the law defines as having no accepted medical use and a high potential for abuse. Instead, HHS says the Drug Enforcement Administration should classify marijuana as a Schedule 3 substance, defined as having a lower potential for abuse. Other Class 3 substances include anabolic steroids and painkillers with small amounts of codeine.

Both small businesses and large companies would suddenly be able to keep a lot more of their money, and not be paying it in federal taxes. Could have a huge impact.

Although we are some years away from full legalization rescheduling cannabis is a necessary step forward towards and normalization and it to become regulated like alcohol.

Key Benefits:

Research access could expand, giving licensees the tax relief to reduce production costs as the federal tax code prohibits cannabis from being able to write off a lot of their business expenses, because they're selling a Schedule 1 drug.

If it were moved to Schedule 3, the ability to write off business expenses would be a significant gain for the problem for them in the cannabis industry.

Most importantly, the move to schedule III would allow robust scientific studies which have been hampered by the DEA and the National Institute for Drug Abuse which have both blocked meaningful research.

Here is a chart from Ethan Russo detaining the current research that can now be expanded.

References

1. Controlled Substances Act https://www.dea.gov/drug-information/csa#:~:text=The%20Controlled%20Substances%20Act%20(CSA,and%20safety%20or%20dependence%20liability.).

2. It's Time For The Marijuana Industry To Focus On Advocacy And Lobbying If It's Going To Thrive (Op-Ed) - Marijuana Moment https://www.marijuanamoment.net/its-time-for-the-marijuana-industry-to-focus-on-advocacy-and-lobbying-if-its-going-to-thrive-op-ed/

3. PBShttps://www.pbs.org/newshour/show/u-s-health-officials-recommend-moving-marijuana-to-lower-risk-drug-classification

4. Politico Slightly higher times: Biden administration moves to loosen weed restrictions - POLITICO