Marijuana Move to Schedule III
Big news for the cannabis industry and community, The Drug Enforcement Administration (DEA) is set to re-schedule marijuana to Schedule III after a 30-day public comment period, and a hearing, before it can take effect. This came about after Department of Health and Human Services requested the change after conducting a review prompted by President Biden 8 months ago. The DEA's move to reclassify marijuana as a Schedule III substance means it will be legalized nationwide for prescription purposes, granting state-compliant medical marijuana patients and businesses federal protections currently beyond their reach. While President Biden maintains his stance against recreational marijuana legalization, he holds the distinction of being the sole president to sign standalone marijuana legislation into law. Additionally, he was the first president to advocate for marijuana law reform during a State of the Union Address. Currently, he is overseeing the first alteration in marijuana scheduling since the inception of the Controlled Substances Act 56 years ago.
This move by the Biden administration is a welcome and relief news for the cannabis industry having difficulty to access needed funds from the banks because cannabis is Schedule I substance, meaning banks can be prosecuted if they provided funds to any cannabis business. I guess cannabis taken off the list means banks are now allowed to do business and provide funds to any cannabis business in America. A polling by Independent Community Bankers of America (ICBA) found that 64% of Americans agree that the SAFER Banking Act’s provisions allowing cannabis-related businesses to access the banking system would help improve public safety and 54% agree that opening the banking system to cannabis-related businesses would help underserved communities.
Once Re-Scheduling is published in the Federal Register and given approval by the White House Office of Management and Budget, a 30-day public comment period will begin, followed by an official hearing. The Department of justice (DOJ) will initiate a formal rulemaking process as prescribed by Congress in the Controlled Substances Act. This will not be a smooth sailing for the pro-legalization and cannabis industry anti-marijuana legalization groups are ready to oppose this move of the Biden administration. Let's see if this will pass thru.
Source
https://themarijuanaherald.com/2024/04/us-department-of-justice-officially-confirms-marijuana-is-being-moved-to-schedule-iii-legalizing-it-nationwide-for-prescription-use/
https://themarijuanaherald.com/2024/05/poll-64-of-americans-say-marijuana-banking-act-would-help-improve-public-safety/
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