Heavy! U.S. Department Of Health Officially Proposes Marijuana Rescheduling
Heavy! U.S. Department of Health officially proposes marijuana rescheduling
U.S. Assistant Secretary of Health Rachel Levine sent a letter to U.S. Drug Enforcement Administration Director Anne Milgram on Tuesday to formally propose this proposal to reschedule marijuana. This is the latest development since President Biden ordered a review of federal marijuana laws last October.
Cannabis investors are enthusiastic about the development, with shares of major multinational cannabis companies such as Cresco Labs and Green Thumb Industries soaring more than 20%.
Sean Pennington, a partner at the law firm Porter Wright in Washington, D.C., said, "This is a historic moment and the most significant thing that has ever happened on marijuana reform at the federal level."
Pennington noted that while more needs to be done before marijuana can be rescheduled - including a separate review by the U.S. Drug Enforcement Administration and possibly a judicial review - health officials' statements that marijuana has medical value are still his
Re-listing cannabis would significantly reduce the high federal taxes currently paid by U.S. cannabis companies. It could also spur more banks and financial institutions to provide traditional banking services to cannabis companies, reducing companies' long-term reliance on cash.
For more than 50 years, federal law has classified marijuana as a Class I controlled substance, deeming it more harmful than fentanyl and methamphetamine and on the same level as heroin and LSD. The classification, long dismissed by many experts as unreasonable, hinders state-legal marijuana industries, cuts off access to banks, blocks typical business tax deductions and prohibits interstate commerce.
As late as October 6, 2022, Biden called current federal drug laws "failed laws" and announced that he would direct the attorney general and health and human services secretaries to "rapidly review federal law's listing of marijuana." Finally this week, the Department of Health recommended reclassifying marijuana from a Schedule I controlled substance to a Schedule III controlled substance and sent a letter to the U.S. Drug Enforcement Administration.
A spokesman for the U.S. Drug Enforcement Administration said Wednesday that it had indeed received a letter from the Assistant Secretary of Health: "The U.S. Drug Enforcement Administration has the ultimate authority to schedule or reschedule drugs under the Controlled Substances Act. The Drug Enforcement Administration will now initiate a review process." However, The agency declined further comment.
A spokesman for the U.S. Drug Enforcement Administration did not specify the deadline for the review process, but most industry insiders believe it may be completed before the presidential election in November 2024. However, given that the Department of Health's cannabis scheduling review was completed in less than 11 months, the DEA's review process may be faster.
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