Author: CannabisNewsWire (CNW)

About CannabisNewsWire CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge. To receive SMS text alerts from CannabisNewsWire, text “CANNABIS” to 21000 (U.S. Mobile Phones Only) For more information please visit https://www.CannabisNewsWire.com Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

420 with CNW — Marijuana Banking Outlook Improves in Senate

Banking access in America’s state-legal marijuana industry has been a controversial topic since its inception. Federal law prohibited cannabis even as dozens of states legalized the plant for medical and recreational use, resulting in a state-level industry that dealt in a federally outlawed product.

Consequently, businesses in the cannabis sector were unable to access banking and financial services as financial institutions generally avoided state-legal cannabis cultivators, processors, and retailers for fear of federal reprisal.

Efforts by a group of lawmakers to mitigate this issue and finally grant the cannabis industry access to banking have generally moved at a slow pace, forcing cannabis businesses to operate on a cash-only basis in the meantime and increasing their risk of suffering violent robberies.

The Secure and Fair Enforcement (SAFE) Banking Act sought to expand banking access to America’s cannabis industry. However, the measure stalled in the U.S. Senate several times despite the support of Senate Majority Leader Chuck Schumer.

Most recently, lawmakers filed a revised version of the bill called the SAFER Banking Act and sent it to the Senate Banking Committee for review. Soon after, Schumer released a statement hailing the measure as a means of making small businesses and their communities safer by allowing the cannabis industry to finally access conventional financial services like small business loans and bank accounts.

The safety aspect likely referred to the fact that cannabis businesses are often targeted by criminals because they often have stockpiles of cash and cannabis, which are highly liquid assets, on-site. However, while Schumer and the other lawmakers behind the SAFER Banking Act are optimistic about its chances of advancing, several industry insiders aren’t confident of the measure’s chances of success.

Some advocates had been concerned that the SAFER Banking Act would be held up by a possible government shutdown that would halt legislative activities in Congress. Until this weekend, the U.S. government had been only days away from its fourth partial shutdown in the decade as Republicans and Democrats still hadn’t passed funding legislation for federal agencies.

Over the weekend, however, Congress passed a last-minute bill, keeping the government open. Now attention turns to the bill. Last week, Senate Banking Committee chair Senator Sherrod Brown predicted that a majority of the committee would vote in favor of the SAFER Banking Act. This has come to pass, as the bill has now been advanced to the Senate floor.

Brown noted in the Ask a Pol podcast that while he didn’t expect many amendments to the measure on the Senate floor or what the vote committee vote would be, he was confided that the bill would pass “decisively.”

Marijuana industry advocates, as well as enterprises such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF), hope that this particular piece of legislation will fare better than its predecessor did.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Thai PM Announces Clampdown on Marijuana in Major Policy Reversal

Srettha Thavisin, Thailand’s newly elected prime minister, has pledged to change the country’s cannabis laws over the next six months to limit their use to medical purposes only. Thailand became the first Asian country to decriminalize marijuana after delisting the plant as a narcotic last year, resulting in a surge of cannabis dispensaries and cafes in major tourist locations such as Pattaya, Chiang Mai and Bangkok.

Currently, Thai law allows adults over the age of 20 to use marijuana inside their homes but not while they are nursing or pregnant. Furthermore, foods containing cannabis extracts are permitted to be served in restaurants with a license.

However, the lack of legislation to govern its usage has resulted in a legal gap in the country. Presently, about 6,000 dispensaries are operating nationwide, offering a range of cannabis products from oil extracts to buds. Thai farmers have also been permitted to cultivate marijuana after registering with the Thai FDA.

Thailand’s new leader, who took office in August, stressed the consensus within the coalition government to amend the law and prohibit recreational use. “The law must undergo a complete overhaul,” Srettha stated. “It needs correction. We can only control it for medical use,” he added, dismissing any compromise for recreational usage.

Srettha is the leader of the Pheu Thai Party, which formed a coalition government with 10 other parties. Prior to the May elections, the coalition advocated for a strict antidrug campaign and pledged to undo the historic cannabis decriminalization policy. The coalition includes the Bhumjaithai Party, led by Anutin Charnvirakul, who remains committed to advancing a parliamentary bill aimed at introducing stricter industry oversight while opposing the reclassification of marijuana as a controlled substance.

Some within the tourism sector have welcomed the move to restrict cannabis usage, citing problems arising from lax industry regulations. Thanet Supornsahasrungsi, group executive director of Sunshine Hotels and Resorts in Pattaya, remarked that most marijuana shops largely cater to recreational users and that there have been reports of marijuana overdoses. He emphasized the importance of stricter regulations to ensure that individuals who need it receive safe medical care.

Supporters of recreational cannabis argue that reclassifying the substance as a narcotic instead of implementing industry regulation, could drive recreational usage into an unregulated underground market, exacerbating control issues. Thailand plays a key role in drug trafficking along the vast Mekong River valley in southeast Asia, often with the assistance of law enforcement agencies. Srettha has committed to eliminating illicit drugs in the nation within a year.

This policy reversal is obviously disturbing to companies that were investing in the industry in anticipation that enabling regulations would be enacted. Even established companies such as SNDL Inc. (NASDAQ: SNDL) would be immensely impacted if any of the markets in which they had advanced plans to expand into suddenly changed course and reestablished prohibitive policies.

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420 with CNW — Top Minnesota Marijuana Regulatory Official Quits as Background Information Raises Questions

A recently appointed marijuana regulatory official in Minnesota has stepped down just a day after taking the post after an MPR-APM report revealed conflicts of interest and evidence of business impropriety. Minnesota Governor Tim Walz appointed Erin DuPree as the head of the new Minnesota Office of Cannabis Management on Sept. 21, 2023, and his office penned a press release praising her for leading research on cannabis and hemp-derived products while remaining compliant with state cannabis regulations and laws.

However, a background review by APM Reports and MPR News raised major questions about her background and the Walz administration’s verification processes, prompting DuPree to abdicate her post. The investigation by MPR News-APM Reports revealed that DuPree owned a business that sold products with more than the state-mandated THC limit, racked up tens of thousands of dollars in tax liens and was in debt to several former associates.

Starting in July 2022, a website for DuPree’s business Loonacy Cannabis Co. marketed cannabis products containing well over the allowed THC limits in Minnesota and advertised THC vape products that are illegal under Minnesota law.

Even though DuPree cleared out her strip mall storefront at Apple Valley on Friday and said that she had plans to sell the business to avoid conflicts of interest once she assumed a regulatory role, the report revealed that the location was involved in illegal activity. Prior social media posts by DuPree showed her advertising illegal vape pens and edibles that surpassed low-dose potency limits.

Following her exit from the cannabis regulatory post last week, DuPree released a statement saying she never “knowingly sold” noncompliant products. She also said that running a lawful business has always been her business objective and she removed all non-compliant products from her inventory once she learned they were not in line with Minnesota cannabis policies.

Even so, DuPree noted that she had “become a distraction” that could hinder the work that had to be done to launch Minnesota’s recreational industry.

Governor Walz released a statement saying that interim director Charlene Briner would remain in an interim capacity but did not mention DuPree’s resignation. Walz said that state leadership had a duty to guarantee Minnesotans that the nascent cannabis market would be lawful, well regulated and safe. He added that the administration was making progress toward this goal and had begun the process of hiring key leaders for the adult-use market.

DuPree’s decision to quit after questions were raised about her past alleged transgressions is a good one as it allows the industry to start on a clean footing that operators elsewhere including TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) would appreciate from an official charged with overseeing the cannabis industry in any state.

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420 with CNW — Wyoming Activists Consider Court Action Against Government Official Regarding Stand on Marijuana Voter Measure

Activists behind two cannabis reform measures in Wyoming are considering seeking legal action against the secretary of state over a voter-signature disagreement. According to the campaign, Secretary of State Chuck Gary’s office “provided incorrect information” on the number of signatures activists had to submit for their measure to qualify for the 2024 ballot.

The Compassionate Options Wyoming, the state Libertarian Party and Wyoming NORML says the misunderstanding has turned into a time-consuming back-and-forth that has derailed the marijuana reform measures and prompted them to consider litigation. Both measures would legalize medical cannabis in Wyoming and decriminalize simple possession of small amounts of marijuana.

In a recent press release, activists claimed that the secretary of state’s office had instructed them to collect more than 40,000 signatures for their measure to qualify for the ballot even though state law only called for 29,730 signatures. The cannabis measures would have qualified under the rules requiring slightly under 30,000 signatures; instead, both measures failed to qualify for the ballot earlier this year.

Wyoming NORML announced in March that although it had collected enough raw signatures for both initiatives, the group didn’t meet the minimum percentages needed in two-thirds of the counties in Wyoming. The activists collected 47,426 signatures for the cannabis decriminalization proposal and 48,687 signatures for the medical marijuana proposal but clarified at the time that the signatures were not state verified.

Reform activist and Oquirrh Mountain Strategies consultant Apollo Pazell said the disagreement stemmed from a dispute on when and how the secretary of state’s office determined the signature thresholds for measures to qualify for the ballot. According to Pazell, the campaign reached out to the office on several occasions but was “given the turnaround.” Pazell also notes that a state website showed that the minimum threshold for ballot initiatives to qualify was 41,776, but number changed to 29,000 the day after the campaign’s deadline passed.

Conversely, Secretary of State Gary says Pazell’s claims are untrue and an attempt to shift blame onto the office for not doing enough due diligence. Gary explained that the campaign began collecting signatures 15 months before he took office, and any incorrect information the organizations received would have come from the previous administration’s election team.

Wyoming is one of the few states in the country that still outlaws both medical and recreational cannabis. Reform activists tried to qualify a cannabis measure for the 2022 ballot but were unable to collect enough signatures due to the coronavirus pandemic and poor weather.

As the calls for reform in Wyoming become louder, a time will come when this outlier state on matters of marijuana policy also eventually opens up and allows local enterprises akin to Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) to mushroom and thrive within its borders.

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CannabisNewsBreaks – Lexaria Bioscience Corp.’s (NASDAQ: LEXX) DehydraTECH(TM)-Nicotine Pouch Demonstrates Advantages over Competition

Lexaria Bioscience Corp. (NASDAQ: LEXX), a global innovator in drug delivery platforms, recently reported results from its human oral nicotine study NIC-H22-1, comparing Lexaria’s DehydraTECH(TM)-nicotine tobacco-free pouch to world-leading brands ZYN(R) and on! “Using measurements to determine the median time required to reach comparable nicotine concentrations within the bloodstream (‘Tmax’), Lexaria exhibited higher levels of certain pleasurable effects over the competition. DehydraTECH also provided the lowest frequency of unwanted negative effects, including moderate to severe nausea, demonstrating benefits from Lexaria’s formulation,” a recent article reads. “We’ve always had an overwhelming determination and fierce conviction that we can make the world a better place and reduce the carnage caused by smoked cigarettes, and now we have human study data that demonstrates advantages of DehydraTECH-processed nicotine relative to the competitive landscape,” Lexaria CEO Chris Bunka is quoted as saying.

To view the full article, visit https://cnw.fm/XZBuo

About Lexaria Bioscience Corp.

Lexaria’s patented drug delivery technology, DehydraTECH(TM), improves the way active pharmaceutical ingredients (“APIs”) enter the bloodstream through oral delivery. Since 2016, DehydraTECH has repeatedly demonstrated the ability to increase bio-absorption with cannabinoids, antiviral drugs, PDE5 inhibitors and more. DehydraTECH has also evidenced an ability to deliver some drugs more effectively across the blood brain barrier. Lexaria operates a licensed in-house research laboratory and holds a robust intellectual property portfolio with 36 patents granted and many patents pending worldwide. For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX

About CannabisNewsWire

CannabisNewsWire (“CNW”) is a specialized communications platform with a focus on cannabis news and the cannabis sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled recognition and brand awareness. CNW is where breaking news, insightful content and actionable information converge.

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CannabisNewsBreaks — Boston Hemp Inc. Releases Status Update Indicating Participants of Nationwide Marijuana Affiliate Program Earn Up to $10K per Month

Boston Hemp, a trailblazing force in the legal cannabis industry, is reporting on the success of its THCa Flower Affiliate Program. The company says that affiliates who participate in the monthly subscription program are earning as much as $10,000 a month. According to the update, the success of these individuals is rooted in the evolution of the cannabis industry in the United States, which the company calls “remarkable” and observes that it is a driving force behind, with its game-changing program designed for individuals looking for a successful career in the growing legal marijuana sector. The THCa Flower Affiliate Program combines Boston Hemp’s reputation for quality and innovative products with comprehensive marketing support. The program enables affiliates to enter the legal marijuana distribution space while capitalizing on the increasing demand for premium cannabis products. “Our affiliates’ achievements are a testament to the incredible potential within the legal cannabis industry,” said Boston Hemp CEO Brandon Gadles in the press release. “We are excited to empower individuals across the nation to not only participate in this growing market but to thrive in it. Our affiliate program offers a unique opportunity to earn substantial income while adhering to all federal and state regulations.”

To view the full press release, visit https://cnw.fm/MKQ6c

About Boston Hemp Inc.

Boston Hemp is a premier provider of high-quality legal cannabis products, offering a wide selection of hemp-derived CBD and all-natural/organic THCa products. With a steadfast commitment to excellence and compliance, Boston Hemp empowers individuals to earn income within all 50 states of America. To learn more about the company, visit www.BostonHempInc.com

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420 with CNW — Payment Processing Firm Enters Canada’s Cannabis Market

Payment processing platform Square has announced its entry into the Canadian marijuana market through a collaboration with Jane Technologies, an online service that enables customers to order cannabis for store pickup or delivery. In line with the partnership, Square is poised to launch an early-access program tailored for licensed cannabis dispensaries in Ontario. The program will allow dispensaries to begin testing Square for retail point of sale (POS) solution within their brick-and-mortar stores, paving the way for a broader launch later on.

In addition to payment processing, Square’s new cannabis client services also feature real-time inventory tracking across various retail locations and compliance notifications in the event that an order exceeds Canada’s legal marijuana product purchase thresholds.

Square has been collaborating with CBD companies since 2019, despite persistent barriers to banking marijuana businesses. Square began an invite-only trial program in May of that year to provide services to CBD vendors, and the business expanded the program in October of the same year.

The entry of an established, well-known payment platform and point-of-sale provider might put pressure on rivals currently operating in the cannabis industry. Many of these competitors are comparatively smaller in scale compared to their more traditional financial counterparts, focusing primarily on serving cannabis and other heavily regulated enterprises.

In the United States, the conundrum surrounding federal marijuana illegality renders many cannabis companies incapable of accepting card payments for cannabis transactions. Financial institutions find themselves confronted with potential liabilities and legal repercussions for facilitating services to cannabis entities, thereby prompting most of them to steer clear of the industry altogether.

Consequently, certain companies have resorted to unconventional measures, such as deploying “cashless ATMs” to obfuscate cannabis sales as routine cash withdrawals. In a recent development, a Maryland tax official revealed that they refrain from categorizing cannabis transactions as such on tax returns to safeguard banks from potential legal consequences.

This admission elicited criticism from a group opposing cannabis legalization, accusing the state of shielding banks engaging in activities that breach federal law. However, both the state and its banking partner, Wells Fargo, asserted that the transactions adhered to applicable legal frameworks and regulations.

This week, a vote is scheduled in Congress regarding legislation aimed at facilitating banking relationships with cannabis enterprises. Several groups, including 35 marijuana trade associations, drug-policy reform organizations and a leading national labor union, issued a joint appeal to Congress, urging the body to pass the banking bill before the year ends to address the “humanitarian toll” inflicted by frequent robberies targeting cash-heavy cannabis enterprises.

As more enterprises such as Square join the likes of Innovative Industrial Properties Inc. (NYSE: IIPR) in addressing the unique needs of the marijuana industry, the hurdles that cannabis companies have to go through in their day-to-day operations will gradually decrease.

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420 with CNW — NCAA Panel Recommends Removal of Cannabis from Prohibited Substances List

A committee within the NCAA has officially recommended removing cannabis from the list of prohibited substances for college athletes. The Committee on Competitive Safeguards and Medical Aspects of Sports (CSMAS) reached this conclusion following a recent meeting, urging all three governing bodies within the association to enact legislation that would cease the testing and penalizing of players for cannabinoids.

The committee based its recommendation on several factors, including the inadequacies of the current policy, their conviction that marijuana does not improve athletic performance and the significance of adopting a harm-reduction approach.

Should the reform be accepted, it will build upon a previous change made by the NCAA, which raised the THC level for a positive test from 35 nanograms (ng) per milliliter (ml) to 150, aligning it with the rules of the World Anti-Doping Agency (WADA).

Committee chair James Houle underlined the significance of member institutions having a say in such a significant policy shift, stressing the need for new research to support the well-being of student-athletes.

The committee also recommended that a comprehensive educational approach be developed to accompany any prospective changes to cannabinoid regulation. This move is consistent with a larger trend observed in professional sports groups, reflecting the growing acceptability of state-level cannabis legalization.

The NBA recently removed marijuana from its list of prohibited substances and allowed players to engage with cannabis brands. Sports regulators in Nevada have also taken steps to shield athletes from penalties related to marijuana use or possession, aligning with state law.

In 2021, the UFC announced it would no longer penalize fighters for positive cannabis tests. Moreover, the NYMSL partnered with a Kentucky-based CBD company, following the lead of the MLB and teams such as the Chicago Cubs and Kansas City Royals. MLB entered a league-wide partnership with a well-known CBD brand in 2022, designating them the “Official CBD brand of MLB.”

While these changes have garnered support from advocates, criticism has arisen toward WADA for maintaining its cannabis ban. A panel within WADA argued that marijuana use by athletes runs counter to the “sport’s enthusiasm” and could set a negative example while potentially endangering others.

Advocates have called for WADA to consider reforms, especially following the suspension of U.S. runner Sha’Carri Richardson from Olympic events due to a positive THC test in 2021. Subsequently, the U.S. Anti-Doping Agency (USADA) and the White House, including President Joe Biden, expressed support for policy changes, with congressional lawmakers echoing these sentiments.

The cannabis industry, including many of its leading actors such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), has long believed that marijuana has been maligned based on many unfounded misconceptions. When entities such as the NCAA reverse their prohibitive drug policies, advocates are vindicated as science rebuts many of the wrong premises upon which this plant was outlawed.

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Lexaria Bioscience Corp. (NASDAQ: LEXX) Steadily Advancing its DehydraTECH(TM) Technology, Having Demonstrated its Potential Across Multiple Areas of Application

Lexaria’s patented DehydraTECH(TM)-processed CBD has shown its ability to lower blood pressure in patients over multiple weeks
This technology has also shown positive impacts in obese diabetic-conditioned animals from its DIAB-A22-1 pre-clinical study
The NIC-H22-1 human nicotine study also demonstrated a statistically significant difference to achieve maximum blood saturation
These results have demonstrated DehydraTECH’s potential while propping it to take advantage of vastly untapped markets with potential for growth in the coming years

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, is steadily advancing its patented DehydraTECH(TM) technology for its growing range of applications, which include oral nicotine, hypertension, antivirals, human hormone therapy, diabetes and more. The progress achieved thus far has been the product of years of clinical and pre-clinical research, all of which reflect management’s confidence in the company’s direction and technology.

As of the three months ended May 31, 2023, the company had increased its research and development (“R&D”) expenses by 118% year-over-year, primarily focused on the execution of hypertension, oral nicotine, and diabetes studies (https://cnw.fm/WUofP). This devotion of a significant proportion of its resources reflects the company’s intent to establish areas of investigation for commercial pursuits while bringing it closer to tapping into vastly untapped markets with the potential for growth in the coming years.

The investments have paid off, with Lexaria having come a step closer to submitting its Investigational New Drug (“IND”) application for its planned U.S. Phase 1b Hypertension Clinical Trial with the U.S. Food and Drug Administration (“FDA”) (https://cnw.fm/O4cn5). So far, previous clinical trials have shown DehydraTECH-processed CBD’s ability to lower blood pressure in patients over multiple weeks, a tremendous achievement for the company and for its technology.

“That we were able to lower blood pressure in our patient population over multiple weeks using DehydraTECH-CBD is an exceptional discovery, given that previous studies by others using other oral CBD formulations have failed to evidence this sustained benefit,” noted Chris Bunka, Lexaria’s CEO (https://cnw.fm/T5Hj3).

This success has been replicated in other studies, most notably diabetes. In Lexaria’s pre-clinical diabetes study, DIAB-A22-1, conducted in obese diabetic-conditioned animals, DehydraTECH-CBD yielded successful results showing positive impacts on blood glucose levels, overall body weight, locomotor activity, in addition to triglyceride and blood urea nitrogen levels. With the American Diabetes Association (“ADA”) estimating the number of Americans with diabetes at 37.3 million as of 2019, there is a dire need for viable treatment options, and Lexaria is looking to address that (https://cnw.fm/YwMuD).

Lexaria’s DehydraTECH has also proven its superiority and advantage over traditional oral delivery methods in the nicotine replacement market. Its NIC-H22-1 human nicotine study demonstrated a statistically significant difference between the time taken to achieve maximum blood saturation levels (“Tmax”) for DehydraTECH-nicotine at 2.3 and 3.1 minutes faster than alternatives currently in the market. In addition, DehydraTECH-nicotine represented a 15% and 20% faster response to achieve maximum blood saturation, a feat that few other players in the market have achieved.

“Within just five short years of R&D and product development, Lexaria has been able to develop an oral nicotine product that meets or exceeds the performance of the world’s leading existing brands,” noted Mr. Bunka.

“This is a remarkable achievement that speaks to the capabilities of the DehydraTECH technology and also to the Lexaria R&D team, working ardently with scarce resources relative to global multi-billion-dollar behemoths,” he added (https://cnw.fm/Mthe9).

Even with its achievements so far, Lexaria remains committed to pushing the envelope regarding the research and development of its DehydraTECH technology. So far, it has demonstrated its incredible potential across various areas of application as well as its viability in the market. The consistent push for further development reflects Lexaria’s understanding of its mission and commitment to creating shareholder value.

For more information, visit the company’s website at www.LexariaBioscience.com.

NOTE TO INVESTORS: The latest news and updates relating to LEXX are available in the company’s newsroom at https://cnw.fm/LEXX

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420 with CNW — GOP Senators File Measure Seeking Congressional Approval of Marijuana Scheduling Change

Two Republican lawmakers have filed a measure that would force federal agencies to receive Congressional approval before they can reschedule cannabis. The Deferring Executive Authority (DEA) Act is sponsored by Senators Steve Daines and Cynthia Lummis, who provided brief previews of the measure during statements regarding the Secure and Fair Enforcement Regulation (SAFER) Banking Act.

The recently introduced measure would require any federal agency interested in rescheduling cannabis to first submit to Congress its proposal for transferring the Schedule I drug from one classification to another. Congressional lawmakers would have the chance to review the proposal and would be granted 60 session days to block the measure’s enactment via a joint resolution if they opposed it.

The two lawmakers introduced the measure weeks after the U.S. Department of Health & Human Services (HHS) recommended that the DEA reclassify marijuana to a lower schedule due to its proven medical applications and lower abuse potential. Lummis said in a press statement that Congress is in charge of crafting laws for the nation, “not DC bureaucrats.”

The DEA Act would allow Americans to “have the final say” on something as significant as cannabis legalization through their elected leaders.

Cannabis has been a controversial topic since states began legalizing the plant more than 20 years ago. While the cannabis movement enjoyed strong support from the reform movement and younger generations, many conservatives and even Democrats weren’t comfortable with the idea of legalizing a drug they considered dangerous and a gateway to criminal activity.

However, surveys now show that a majority of Americans support at least decriminalizing the plant, something that has become clearer as voters in state after state choose to legalize cannabis for either medical or recreational uses. In addition, President Biden based part of his campaign platform on decriminalizing cannabis and putting a final end to the era of cannabis prohibition. However, the administration has been accused of dragging its feet when it comes to cannabis.

The HHS’s recent recommendation to ease federal marijuana restrictions was part of a 2022 request by the Biden administration to review the nation’s federal marijuana classification. Although cannabis is now legal in dozens of states, federal law still considers it a Schedule I drug with no medical application.

Several lawmakers including Senate Majority Leader Chuck Schumer have pledged to introduce legislation to legalize cannabis at the federal level. However, Lummis said that the Biden administration’s race to reschedule the controversial plant seems to be steeped in political rather than scientific reasons.

Lummis was part of a group of GOP Senate and House lawmakers who sent the DEA a letter asking the administrator to reject the Department of Health and Human Services’ request to reschedule cannabis.

Marijuana companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) are probably waiting to see the final position that the DEA communicates regarding the cannabis scheduling review process since that change could have major implications on how they conduct their operations.

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