Federal Marijuana Classification Under Review: Potential Shift to Less Restrictive Schedule
The White House is considering reclassifying marijuana from a Schedule I drug to a Schedule III drug, a move that could have significant implications for the cannabis industry and research. Currently, marijuana is classified as a Schedule I drug, making it illegal to possess, grow, or sell under federal law.
New York, where recreational marijuana has been legal for over four years, is closely watching the developments. The state’s cannabis industry is facing challenges, with business owners struggling to operate under the current system. Christine Richardson, owner of Royal Flower Cannabis Dispensary in Albany, believes a federal change would help close gaps in the current system and promote growth.
A reclassification would allow for increased research and reduced financial burdens on cannabis businesses. It would also enable licensed businesses to access federal income tax deductions and promote public health initiatives. Dr. June Chin of the state’s Office of Cannabis Management believes the move would “open doors to research” and reduce financial burdens on businesses.
While the reclassification would not legalize recreational use nationwide, it could pave the way for success in the industry. Richardson believes it would help communities by allowing people to access insurance and reduce the burden of state-by-state regulations.
However, not everyone is in favor of the potential reclassification. Smart Approaches to Marijuana, a nonpartisan group, has expressed concerns about the potential public health and safety implications.
The White House has not indicated when a decision on the reclassification will be made, leaving the cannabis industry and advocates waiting with bated breath.
