What does it mean to move marijuana from a Schedule I drug to Schedule II, and what are the implications?
as a less dangerous drug. The Justice Department proposal would recognize the medical uses of cannabis, but wouldn't legalize it for recreational use.
Still, the switch is considered “paradigm-shifting, and it’s very exciting,” Vince Sliwoski, a Portland, Oregon-based cannabis and psychedelics attorney who runs well-known legal blogs on those topics, told The Associated Press when the federal Health and Human Services Department recommended the change.It came after President Joe Biden asked both HHS and the attorney general, who oversees the DEA, last year to review how marijuana was classified.
No changes are expected to the medical marijuana programs now licensed in 38 states or the legal recreational cannabis markets in 23 states, but it's unlikely they would meet the federal production, record-keeping, prescribing and other requirements for Schedule III drugs. Schedule III drugs are easier to study, though the reclassification wouldn't immediately reverse all barriers to study.
The deduction rule doesn't apply to Schedule III drugs, so the proposed change would cut cannabis companies' taxes substantially.and help them compete against illegal competitors that are frustrating licensees and officials in places such as New York. Rescheduling wouldn't directly affect another marijuana business problem: difficulty accessing banks, particularly for loans, because the federally regulated institutions are wary of the drug's legal status. The industry has been looking instead to a measure called the SAFE Banking Act. It has repeatedly passed the House but stalled in the Senate.Indeed, there are, including the national anti-legalization group Smart Approaches to Marijuana.
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