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Well that is all good, but at this point I still view it as a coin flip.
Ok, now we have the dates. Short version, DEA on sch3, 60 day out of the way, now to the hearing on Dec 2. { note this was always going to a hearing, wish it was a little sooner, but}
“Now that DEA has reviewed the comments, it agreed to an administrative hearing, as requested by several supporters and opponents of the reform”
“The hearing will be held on December 2, according to a notice set to be published in the Federal Register on Thursday”
Ok, now we have the dates. Short version, DEA on sch3, 60 day out of the way, now to the hearing on Dec 2. { note this was always going to a hearing, wish it was a little sooner, but}
“Now that DEA has reviewed the comments, it agreed to an administrative hearing, as requested by several supporters and opponents of the reform”
“The hearing will be held on December 2, according to a notice set to be published in the Federal Register on Thursday”
Under a nickel but still in business, good enough.
Part II The Biden administration will take a historic step toward easing federal restrictions on cannabis, with plans to announce an interim rule soon reclassifying the drug for the first time since the Controlled Substances Act was enacted more than 50 years ago, four sources with knowledge of the decision said.
The Drug Enforcement Administration is expected to approve an opinion by the Department of Health and Human Services that marijuana should be reclassified from the strictest Schedule I to the less stringent Schedule III. It would be the first time that the U.S. government has acknowledged its potential medical benefits and begun studying them in earnest.
Attorney General Merrick Garland submitted the rescheduling proposal to the White House Office of Management and Budget on Tuesday afternoon, a source familiar with the situation confirmed.
Any reclassification is still months from going into effect. After the proposal is published in the Federal Register, there will be a 60-day public comment period. The proposal will then be reviewed by an administrative law judge, who could decide to hold a hearing before the rule is approved.
Once the DEA formally makes its announcement, the marijuana industry would see an immediate benefit. But with the DEA’s proposed rule change comes a public review period that could lead to a challenge, and perhaps even a change, to the rescheduling proposal.
Once the public comment period has concluded and the Office of Management and Budget reviews the decision, Congress would also be able to overturn the rule under the Congressional Review Act, which gives it the power to weigh in on rules issued by federal agencies. Democrats control the Senate with a 51-seat majority, and for an overturn under the CRA to succeed, two-thirds of the House and the Senate would be needed to support it, meaning the marijuana rescheduling would most likely survive.
Just an FYI on where we are.
On May 21, 2024, the Drug Enforcement Administration (DEA) issued a notice of proposed rulemaking in the Federal Register (FR) to reschedule marijuana from Schedule I to Schedule III of the Controlled Substances Act (CSA). This announcement comes nearly a year after the US Department of Health and Human Services (HHS) August 29, 2023 letter to the DEA recommending that marijuana be rescheduled. It also follows an April 11, 2024 opinion letter from the DOJ Office of Legal Counsel that the United States' international treaty obligations do not prevent rescheduling marijuana. The proposed rule represents the most significant policy shift for marijuana since the passage of the CSA in 1970, which categorized marijuana as a Schedule I controlled substance.
The DEA’s proposed rule is the first of many steps in the rescheduling process. The FR notice triggered the 60-day period for public comment on the proposal. Thus, interested persons may submit comments on the proposal on or before July 22, 2024. Further, because this is a formal rulemaking, interested persons may file a request for a hearing. Although not required, the DEA Administrator may grant an in-person hearing and select an Administrative Law Judge (ALJ) to preside. After a review of the record, the ALJ then provides their recommendation to DOJ, which makes the ultimate rescheduling determination. It will likely be months, or possibly longer, before a final determination is issued. During that time, marijuana will remain a Schedule I controlled substance.
Once rescheduled to Schedule III, products containing marijuana would continue to be subject to other legal and regulatory requirements. Most significantly, such products would be subject to oversight by the Food and Drug Administration (FDA) under the Federal Food, Drug, and Cosmetic Act and any drug product containing marijuana would require FDA approval before marketing or an investigational new drug (IND) application for investigational use.
Sad, just sad.
Want to break that down a little on why you think it will be 6 weeks?
All right ,here it comes, 5 years in a row, qt after qt in losing money on the earnings release. Will this qt break the streak?
Well thats interesting. we'll see how it plays
All right, lets see what we got.
time to get down to it, lets see what we got.
Clearly not enough for all their hard work. Perhaps 2 mil each would be more to their liking. Heck make it a even 5 mil.
Thanks for the post. I have taken a step back, need to see clarity from the gov. side. Just going to enjoy summer till then.
All good stuff, but taking to long to get any traction
Well, thats good, really need this one to pass.
Thats a good info post. The question will be on how long.
It appears the spike is now over. Oh well
Mostly small trades in the last 15-20 min. Not much volume but did drop it a dime. We'll see what friday looks like.
And happy weekend to you as well.
House Committee Approves Farm Bill Amendment To Ban Most Hemp-Derived Cannabinoid Products.
The key part with some industry stakeholders saying it could even federally criminalize many CBD products because the measure’s scope covers all ingestible hemp product.
And cannabinoids that are “synthesized or manufactured outside of the plant” would no longer meet the definition of legal hemp.
Cbd gummies are sure manufactured outside of the plant. I guess will see.
That's the farm bill stuff, don't think it will pass this year, but we'll see.
Added a few thousand more today, but I think it still maybe a slow summer. Need a break on the gov. side
that is 20 qt's in a row without making even a penny in earnings. Cash bal cut in half. The only question is why is this over a nickel. smh.
Yes, it’s a little sorted, depending on who you listen to. There will be several approvals along the way. It goes like this, DEA starts the ball rolling by signing off on the marijuana possible rescheduling, then Attorney General Merrick Garland makes the recommendation to the White House, OMB reviews the proposal, shoots it back to the Justice Department, which will publish a proposed rule in the Federal Register. Then if all are on the same page there will be the comment period, it makes it past that there will be a DEA final ruling and then a 30 day before the change. I would expect several lawsuits from the states that could slow this all down. Anyway IMO.
FYI- from earlier today -- worth reading the whole thing - https://gazette.com/news/wex/dea-leader-anne-milgram-dodges-questions-on-biden-plan-to-deschedule-marijuana/article_10f2ce4e-4e72-550e-b332-42d866c37979.html
A interesting read on whats going,and not going, on with the DEA today. https://gazette.com/news/wex/dea-leader-anne-milgram-dodges-questions-on-biden-plan-to-deschedule-marijuana/article_10f2ce4e-4e72-550e-b332-42d866c37979.html
The issue is far more complex than most think. It’s that way because of the gov policies currently in use. But here. Let’s make it as simple as we can. DEA in process of going 1 to 3. First step, what will the new framework be under the DEA rules. We know it’s still illegal, most likely has to confirm to prescription from a DEA approved dispensary. It should lead to getting SAFE across the line.
What is needed.
DE- scheduling followed by full FDA approval. Then you can go uplist. Currently we have a decentralized, or perhaps fractioned environment, some states allow, some states don’t, some states with prescription. And all states have their own laws which don’t really align well.
When we get as far as the FDA, we will have new regulations, policies, procedures, potency limits, testing requirements and a hefty dose of quality controls in place that currently we don’t. Those will all be FED. controlled. Anyway, a simple explanation for a very complex issue.
You may wish to research that FDA approval part.
Yes, it’s a move up. 1 to 3 is an acknowledgement of a accepted medical use. And thru that can be dispensed by prescription. However, we still need the FDA {as discussed here before and what I think will be the biggest hurtle} approval. Currently and as reported, marijuana that’s available in state markets is unlikely to meet the agency’s standards for widespread approval. Think policy, procedure, regulation, product testing and on and on to conform. Ways to go on that. You also mentioned up listing, currently does not qualify , would need to become de-scheduled, currently still illegal FED wise under Sch 3.
Yes I read a report that the DEA may have their release soon. I believe if c positive, they will then move to the 60 day discuss/comment period. Way past due.
nothing going on till the gov. makes a few moves is all.
Yes, but it's the same out look they been giving for a while now.
"The Company's financial operating results and accumulated deficit, besides other factors, raise substantial doubt about the Company's ability to continue as a going concern. The Company will continue to pursue the actions outlined above, as well as work towards increasing revenue and operating cash flows to meet its future liquidity requirements. However, there can be no assurance that the Company will be successful in any capital-raising efforts that it may undertake, and the failure of the Company to raise additional capital could adversely affect its future operations and viability
Yes it was. Got pushed pretty good by the shorts and option players.
Still waiting for the powers that be to take some action. Hard to believe were in 2024 still waiting on what should have been pushed thru in 2022.
Peaked over 5 today. Div coming up. PR earning coming up. CC coming up.
Thats a good breakdown. Still waiting on the gov to kick it in gear.
Well, I don’t know the reason. But your right, about noon time it started to fade. All the weed stocks followed suit. MSOS was the one that triggered my watch. But TCNNF and others I have quicky triggered as well. In looking at the 1 min and 10 min scales for the day, TCNNF rose in the last, we’ll call it 10 min on 276k in shares. Somebody wanted in at the end of the day besides me. Didn’t buy a whole lot, I didn’t add on the FL ballot passage so I took the opportunity. But it doesn’t matter a lot, this is not going to be the low for the year, by the same token we haven’t seen the high yet either.
Going to add a little at the end here today. We'll see