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Is Marijuana on the verge of a legal revolution?

https://420intel.com/articles/2023/09/11/marijuana-verge-legal-revolution?utm_source=420intel&utm_campaign=5da7071979-420+Intel+Newsletter&utm_medium=email&utm_term=0_3210cbef52-5da7071979-278781552

The world of weed is ablaze with anticipation and excitement as US health regulators boldly suggest a monumental shift in the government’s iron grip on marijuana.
Brace yourselves, because the federal Health and Human Services Department has thrown down the gauntlet by recommending that marijuana be extracted from its current abyss of “Schedule I” drugs – a category notorious for grouping marijuana alongside hardcore substances like heroin, LSD, quaaludes, and ecstasy. The audacious proposal? Move pot to the less restrictive “Schedule III.”

Now, hold onto your hats because this could be a game-changer. But before you get too carried away, let’s strip away the fluff and dive straight into what’s happening and what lies ahead.

First things first: don’t pack your bags for the marijuana revolution just yet. This seismic shift hinges on the Drug Enforcement Administration (DEA), the gatekeepers of drug classifications. They’re gearing up for a lengthy review process, complete with public input – a bureaucratic tango that could make your head spin. Still, make no mistake, what the Health and Human Services Department just dropped is nothing short of a seismic shockwave in the cannabis cosmos.

According to the Associated Press, Vince Sliwoski, the rockstar cannabis and psychedelics attorney from Portland, Oregon, who knows the ins and outs of the green revolution like the back of his hand, aptly calls this recommendation “paradigm-shifting” and “damn exciting.” It comes hot on the heels of President Biden’s support for medical marijuana, but only when the science and evidence sing the right tune. That’s why an independent review is now at the forefront.

But wait, does this mean that recreational pot is about to become a nationwide sensation? Hold your horses; we’re not quite there yet. Schedule III drugs, which include some eyebrow-raising bedfellows like ketamine, anabolic steroids, and odd drug combinations, are still clamped down with rules and regulations. Medical uses? Sure. Federal prosecution for the daredevils trafficking these substances without Uncle Sam’s blessing? Absolutely.

Reclassifying marijuana won’t suddenly turn the entire nation into a pot-friendly paradise. The thriving medical marijuana scenes in 38 states and the 23 states that have already embraced the sweet allure of legal recreational weed won’t magically comply with the rigorous requirements slapped on Schedule III drugs.

But here’s where it gets juicy. This rescheduling isn’t just smoke and mirrors; it has a potent impact, particularly on the realms of research and taxation. You see, marijuana’s current Schedule I status has locked it in a research straitjacket, making legitimate scientific inquiry feel like a mirage in the desert. It’s a Catch-22: everyone calls for more research, but the barriers to conducting it are like an impenetrable fortress. But guess what? Schedule III drugs are like the golden ticket for researchers. Say goodbye to the red tape.

And then there are the taxes, my friend. Under the current federal tax code, businesses dealing with Schedule I or II drugs can’t even dream of deducting regular expenses like rent and payroll. It’s like a 70% tax rate nightmare. But, reclassifying marijuana to Schedule III would throw a lifeline to the cannabis industry, slashing their tax burdens and making them more competitive against the shadowy illegal operators.

Now, for the naysayers – yes, there are always critics in the room. Smart Approaches to Marijuana, a national anti-legalization group, is banging the drum of opposition. Kevin Sabet, their President and a former Obama administration drug policy honcho, calls this recommendation a dance with politics, not science. It’s a nod to an industry thirsting for legitimacy, he claims.

But hold on, even some of the cannabis cheerleaders are giving this a lukewarm reception. They argue that rescheduling is just a baby step. They want marijuana completely emancipated from the controlled substances list, free as a bird – just like alcohol and tobacco, regulated but not shackled.

Paul Armentano of the National Organization for the Reform of Marijuana Laws points out that this move could perpetuate the state-federal divide in marijuana policies. Kaliko Castille, President of the Minority Cannabis Business Association, warns that Schedule III would leave marijuana in a muddy limbo, still federally illegal but with a veneer of legitimacy.

So, here’s the scoop, folks. The recommendation to reschedule marijuana is like a thunderclap in the ongoing saga of cannabis legalization. It won’t magically make weed legal coast to coast, but it does have major implications for research, taxation, and the competitive landscape within the cannabis industry. Buckle up because the marijuana rollercoaster is in full swing, and we’re all along for the wild ride.