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 — California Cannabis Companies Urge Newsom to Veto New Product Labeling Law

California’s cannabis companies are urging Governor Gavin Newsom to reject a recently passed measure aimed at dissuading children from accessing marijuana products. The businesses argue that the bill would result in the prohibition of the current branding of numerous established products while failing to address the persisting issue of the black market.

Last week, the California Assembly passed AB 1207, which effectively bans any packaging or labeling of marijuana products deemed “enticing to minors.” This bill defines such packaging as any promotional material featuring elements such as cartoons, toys, robots, fictional or real humans, animals, fruits, vegetables, or anything else that regulators believe might appeal to individuals under 21 years old.

Supporters of the bill, including youth advocates, argue that it is necessary in light of the recent uptick in cases of children accidentally consuming marijuana products, some of which have been designed to resemble popular snacks and candies.

According to Zack Kaldveer, spokesperson for the California Public Health Institute, there has been a notable increase in child poisonings and hospitalizations due to such accidental exposures. The California Poison Control reported a surge in annual cannabis exposures, with numbers rising from fewer than 200 in 2010 to more than 1,600 in 2020, with nearly one-half of these cases involving children.

However, the vast majority of cannabis advocacy groups are firmly against the bill, fearing it may inadvertently exacerbate public safety issues rather than mitigate them.

Should the bill be enacted, the California Marijuana Industry Association estimates that most marijuana businesses would be burdened with costs ranging from $100,000 to $300,000 to redesign their product labels. Furthermore, industry insiders argue that the bill’s scope is overly broad, targeting benign packaging of established brands while letting illicit operators off the hook.

Critics point out that the illicit market frequently mimics well-known cereal, candy and snack brands — a practice already prohibited in the legal cannabis industry — and that these products are regularly sold to children by black-market operators.

Newsom has already signed three drug policy-related bills during this legislative session without issuing any vetoes. One measure includes provisions that grant immunity to individuals in possession of personal-use quantities of controlled substances if they test them for contaminants such as fentanyl, report positive results to law enforcement and provide details about the source of the substance. The second measure empowers the State Water Board to investigate suspected illegal cannabis cultivators and participate in enforcement actions, while a third measure alters background check requirements for cannabis businesses.

The proposed change to the marijuana-product labeling rules in California could be of great concern to major industry actors such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED) since other jurisdictions could follow these extreme restrictions and enact them as well, compelling licensed companies to walk an even tighter rope in a bid to adhere to all the applicable laws in the jurisdictions in which they operate.

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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CannabisNewsBreaks — 420 Expo Releases Agenda, Announces Media Support for New Jersey’s Premier BYOC Cannabis Convention

420 Expo, New Jersey’s first-ever Bring Your Own Cannabis (“BYOC”) consumer convention, is partnering with CannabisNewsWire (“CNW”), a specialized communications platform for the cannabis sector and one of the more than 60 brands at IBN (InvestorBrandNetwork). According to the announcement, CNW is returning as a media sponsor and official newswire for the expo, which is slated for Sept. 29–Oct. 1, 2023, in Edison, New Jersey. The largest BYOC consumer convention in the Northeast, 420 Expo offers cannabis connoisseurs, budding entrepreneurs and passionate enthusiasts the ideal venue to learn more about cannabis and CBD while also engaging with industry veterans and enjoying an event centered around all things cannabis. This year’s expo will be hosted by legendary actor, cannabis activist and art collector Cheech Marin. In addition, the agenda features seminars covering a range of cannabis themes, including “Bud & Breakfast: Cannabis Tourism,” “Cannabis 101: Newbies & Doobies, “Smoking Sex: Using Cannabis to Enhance Your Love Life,” “High Nightlife: Social Consumption & Events” and “Removing the Stigma: Bringing Cannabis to the Mainstream.”

The event also features mesmerizing stage shows, fun activities, and a vendor exhibit that includes more than 100 vendors displaying cutting-edge technology in cannabis products and associated services across the entire value chain. In addition, the venue includes a dedicated smoking section, awesome food trucks, and an array of networking opportunities. IBN and CannabisNewsWire are joining forces to leverage their extensive corporate communications solutions to enhance visibility for conference participants seeking to connect with investors, journalists, consumers and the broader public. “IBN and CNW represent a key part of our marketing strategy, brand recognition and social media presence. We were amazed by the attendance as well as the online interest generated for last year’s event,” said 420 Expo cofounder Dan Davis in the press release. “We are thrilled to be working with them for this year’s event, which promises to be even more impactful and far-reaching.”

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

About 420 Expo

The 420 Expo is New Jersey’s first-ever Bring Your Own Cannabis (“BYOC”) consumer convention. The three-day event takes place Sept. 29–Oct. 1, 2023, at the New Jersey Convention & Exposition Center in Edison, New Jersey. The premier convention features more than 100 vendors, celebrity appearances, live music and stage acts, educational seminars and panels, a full VIP program and nightly VIP after parties, and a dedicated outdoor smoking area filled with food trucks, music and games. For more information about the event, please visit www.420Expo.com.

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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420 with CNW — Bipartisan Senators Unveil SAFER Marijuana Banking Bill

Bipartisan senators led by Senate Majority Leader Chuck Schumer have formally unveiled a revised cannabis banking bill that would grant America’s state-legal cannabis industry access to financial services. Called the Secure and Fair Enforcement Regulation (SAFER) Banking Act, the measure would ensure state-legal cannabis businesses could access bank deposit accounts, insurance, cashless payments and a variety of other financial services that are accessible to businesses in other industries.

The cosponsors for the revised bill include Senators Chuck Schumer, Steve Daines, Jeff Merkley, Kevin Kramer, Cynthia Lummis, Krysten Sinema, Cory Booker, Bob Mendelez and Dan Sullivan. A statement from the cosponsors said the measure would make small businesses and their communities safer by allowing cannabis retailers to use financial services such as bank accounts and business loans. Furthermore, the statement explained that the measure would protect accounts in credit unions or banks from closure by federal banking regulators due to reputational risk.

For most of the state-legal cannabis industry’s existence, federal prohibition has made it nigh impossible for marijuana businesses to access financial services. Because federal law still classifies cannabis as a Schedule I drug with no medical application and potential for abuse, financial institutions shy away from serving businesses in the state-legal cannabis industry to avoid negative consequences from federal regulators.

This has forced many cannabis retailers to operate on a largely cash-only basis, meaning the average cannabis business likely has physical cash stored on its premises during business hours. Since cannabis and cash are highly liquid commodities, cannabis businesses across the country are at risk of theft and have regularly been subjected to violent robberies. Limited access to financial aid and loans also reduces growth opportunities in the sector and ensures that only those with large capital backing can have even a remote chance of success.

The SAFER Banking Act and its previous iterations were designed to fix this issue by finally allowing banks and other financial institutions to serve state-sanctioned cannabis businesses without the threat of legal consequences by the federal government.

Schumer said in a separate statement that the federal government had punished marijuana users and businesses in the sector “for too long” despite the continued harm it does to the country. The failed war on drugs caused significant long-term damage to communities of color and is now causing harm to the nascent cannabis sector. In many cases, federal cannabis policies have put many cannabis business owners in mortal danger.

A markup of the bill will be presented to the Senate Committee on Banking, Housing and Urban Affairs this week. Schumer also noted that he intended to bring the revised cannabis banking bill to the Senate floor as quickly as possible.

The cannabis industry, including enterprises such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF), will be waiting to see if this draft law fares any better than previous attempts to enact marijuana banking reforms at the federal level.

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420 with CNW — Major Hitch: DeSantis Dislikes Cannabis, But Major Funder Is Working for End of Prohibition

Florida governor Ron DeSantis has been vocal about his disapproval of recreational marijuana, calling it a significant issue and expressing his concerns about its impact. However, an interesting twist arises as the driving force behind DeSantis’ presidential campaign, led by GOP strategist Jeff Roe through Vanguard Field Strategies and Axiom Strategies, is actively supporting a campaign to legalize recreational marijuana in Florida.

Axiom and Vanguard have received nearly $29 million from Smart and Safe Florida, an organization advocating for a 2024 ballot initiative to legalize adult-use cannabis. Ironically, the companies, despite their involvement in advancing marijuana legalization in Florida, are simultaneously working to secure DeSantis’ presidential election, albeit on an antimarijuana platform. They have received more than $25 million from the pro-DeSantis super PAC, Never Back Down, which plays a pivotal role in the DeSantis campaign, handling various campaign activities and events as well as the governor’s transportation.

This poses a challenge for DeSantis, as legal restrictions prevent coordination between the campaign and super PAC, forcing him to rely on a group whose goals sometimes clash with his own. Recent tensions have emerged between Never Back Down and the DeSantis campaign, particularly concerning strategy and timing in the primary race.

In one incident, DeSantis’ allies were frustrated when the super PAC posted a strategy memo on Axiom’s website, setting expectations for the governor’s debate performance. Additionally, a leaked recording from a Never Back Down donor briefing suggested a tight timeline for DeSantis to surpass former President Donald Trump, which some Republicans found arbitrary.

The conflict over marijuana use further complicates DeSantis’ image as being tough on recreational drugs, potentially putting him at odds with his constituents. He has expressed concerns about the potency of marijuana and its possible contamination with substances such as fentanyl.

Axiom’s diverse client portfolio has occasionally led to situations where the company works for clients with conflicting ideologies. Its involvement with the procannabis initiative began in 2022, months before it joined forces with Never Back Down.

The initiative to legalize recreational cannabis is funded mainly by Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a major player in the cannabis sector, and could be a major issue for Florida Democrats to revive their status in the state. Smart and Safe Florida has gathered enough signatures to potentially qualify for the ballot.

However, it’s uncertain whether the initiative will make it to the ballot, as Attorney General Ashley Moody, a DeSantis ally, has urged the state Supreme Court to strike it down, claiming it misleads voters.

Moreover, DeSantis has remained steadfast in his opposition to recreational use, signing legislation to tighten advertising restrictions and expressing concerns about its impact on the workforce and prosperity.

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420 with CNW — Leafly Lawsuit Wants New York to Lift Ban on Third-Party Cannabis Marketing

Marijuana e-commerce platform Leafly has filed a lawsuit challenging the New York Office of Cannabis Management’s ban on third-party marketing and advertising services in the state’s nascent recreational cannabis industry. A recent report from Spectrum News 1 revealed that Leafly Holdings is a plaintiff in a suit against state cannabis regulators.

The Albany County state Supreme Court lawsuit argues that the state’s rollout of cannabis has been “disastrous” and has essentially hampered the fledgling industry’s growth. The suit comes at a time when New York cannabis regulators are dealing with litigation from several parties, which has held back the rollout of recreational cannabis sales in the state.

It claims that the state’s Office of Cannabis Management adopted advertising and marketing regulations that target third-party platforms such as Leafly Holdings and that these regulations are actively limiting the industry’s ability to promote and market its products. A statement from Leafly noted that the “unprecedented restrictions” place major restrictions on the ability of small business owners to reach their consumers.

Leafly is a Seattle-based company that functions as a “customer acquisition tool” for 4,600 cannabis retailers and more than 7,800 brands. The company’s main bread and butter for the majority of its life was cannabis industry reporting. However, it recently pivoted to customer-oriented content such as cannabis product descriptions and information. Leafly currently features more than 11,000 cannabis resources and stories as well as more than 5,000 marijuana strains.

Players in the state-level cannabis industry already deal with a wide variety of barriers due to federal prohibition, and Leafly argues that the Office of Cannabis Management’s advertising rules add even more barriers for small business owners. The Seattle-based company said that every customer should have the right to compare prices and shop wherever they please, but New York chooses to ignore this right, according to several court cases related to commercial speech.

Now that New York is set to launch recreational sales with a ban on third-party marketing in place, Leafly is the primary plaintiff in a suit seeking to overturn the third-party marketing ban. Ryan McCall, the deputy cannabis practice chair at Tully Rinckey LLC, says the rule limits the number of businesses that could be involved in New York’s recreational cannabis industry in the future.

He theorizes that Leafly and other plaintiffs are suing the state now because it is preparing to implement cannabis regulations in and roll out recreational sales. McCall says this recent lawsuit will likely result in a reasonable compromise for both parties. However, he notes that it could affect marketing rules moving forward if a compromise isn’t reached.

The marijuana industry is constantly engaged in advocating for improved conditions akin to what other industries enjoy, and cannabis industry players such as Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) will be watching how this particular case pans out since it could chip away another form of unfair treatment targeting marijuana industry actors.

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420 with CNW — New York Clamps Down on Marijuana Black Market as Licensed Firms Struggle

New York authorities are intensifying their efforts to combat the proliferation of unlicensed shops selling marijuana across the state in response to the ongoing struggle to establish a thriving legal marketplace for the substance. With the legalization of cannabis in 2021, an influx of unauthorized vendors peddling cannabis, vape products, edibles and more has posed a significant challenge to the state’s legal cannabis industry, with New York City bearing the brunt. Presently, only 23 legal cannabis dispensaries are operational statewide, and nine are located in NYC.

A recent study conducted by the Independent Budget Office of NYC revealed that approximately 1,500 unregulated retailers within the city may be holding marijuana products worth $484 million. If these products were to be sold through legal channels, it could generate a substantial $19.4 million in revenue for NYC.

In response, the state has escalated its efforts to crack down on unregulated shops by increasing the frequency of inspections, imposing fines and even ordering closures when necessary. These measures extend beyond the stores themselves, with landlords now facing penalties of up to $10,000 if they knowingly lease commercial properties to unlicensed sellers.

The crackdown on these illicit operations is not just a legal matter; it also has significant economic implications. Unlicensed sales deprive the state of much-needed revenue, as the state imposes a 13% retail tax on all cannabis products, with additional taxes based on the potency levels of THC.

Beyond the financial considerations, unlicensed shops also present substantial health risks. A 2022 study commissioned by the New York Medical Marijuana Industry Association, which examined products from 20 illicit stores in NYC, discovered that around 40% of these products contained harmful contaminants such as salmonella, lead and E. coli.

The state’s Marijuana Control Board recently announced plans to open up license applications to the general public as well as to multistate medical companies and manufacturers. Previously, licenses were restricted to individuals with prior cannabis-related convictions under the Conditional Adult Use Retail Dispensary (CAURD) program. This move is expected to expand the number of legal cannabis shops throughout the state, further shaping the future of New York’s cannabis industry.

While illicit sales have been fueled partly by delays in the opening of legal dispensaries, experts anticipate a decline in such sales in the years ahead. New Frontier Data, a marijuana research company, projects that illicit sales, which were estimated to reach $7 billion annually in 2023, will decrease to approximately $3 billion by 2030 in New York.

The black market isn’t only a concern in New York. Major marijuana companies such as Tilray Brands Inc. (NASDAQ: TLRY) (TSX: TLRY) also have to contend with illicit marijuana sellers in the jurisdictions where they operate, and authorities are constantly trying to weed out black market actors so that only licensed operators can sell their products.

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420 with CNW — Federal Data Reveals Uptick in Financial Institutions Serving Cannabis Firms

New data from the Financial Crimes Enforcement Network (FinCEN) has revealed that a growing number of financial and credit institutions are working with businesses in the cannabis sector. America’s state-legal cannabis industry has had limited access to banking and financial services for most of its existence because marijuana is still classified as a Schedule I product at the federal level.

Unable to access bank accounts or use cashless payment services, cannabis businesses across the country had no choice but to operate on a cash-only basis, which significantly increased their risk of violent robberies. However, after industry players and lawmakers spent years calling for cannabis banking legislation, U.S. senators are now poised to advance a marijuana banking bill that would finally grant the industry access to banking services.

However, even though cannabis banking legislation still hasn’t advanced yet and the plant is still illegal at the federal level, FinCEN’s quarterly report shows a significant increase in the number of financial institutions choosing to serve businesses in the cannabis sector. FinCEN reports that 812 credit unions and banks were actively serving cannabis businesses in Q2 2023, the highest number ever recorded since FinCEN started reporting in 2014.

One reason for the uptick in banking institutions and credit unions choosing to serve cannabis businesses may be due to the fact that several more states legalized recreational cannabis since FinCEN’s last report on the matter. Recent bipartisan discussions regarding cannabis banking reform may also have made financial institutions more comfortable with the idea of serving cannabis businesses as clients.

The Senate Banking Committee is set to vote on the Secure and Fair Enforcement (SAFE) Banking Act next week, and committee chair Sherrod Brown included the marijuana banking bill in a group of priority bills he is looking to advance within the next six weeks.

If signed into law, the SAFE Banking Act would protect banks, depository institutions, and credit unions that work with licensed cannabis businesses from federal penalties. The measure currently has 42 cosponsors, including eight Republicans and three Independents, but has been held back by intense debate over specific sections of the bill.

FinCEN based its report on data collected from Suspicious Activity Reports (SARS) filed by financial institutions working with businesses in the state-legal cannabis sector. The report found that financial institutions in California filed 3,757 SARS in Q2 2022 followed by Oklahoma with 2,531 SAR filings, Colorado with 951 filings and Oregon with 436.

It is likely that major cannabis industry players such as Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) are looking forward to a time when federal banking rules will be changed to permit marijuana companies to be regarded as any other licensed business whose activities don’t have to be reported in SARS reports.

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420 with CNW — US DOJ Starts Issuing Cannabis Pardon Certificates Following Mass Pardons by Biden

The issuance of formal certificates by the Justice Department to individuals who were pardoned by President Joseph Biden in October 2022 seems to have commenced. While neither the Office of the Pardon Attorney nor the Department of Justice have formally announced the issuance of these certificates, some applicants have received digital copies.

Last week, Kevin B. Gilnack shared an image of his pardon certificate on social media.

These pardon certificates will allow those whose marijuana possession convictions were overturned by the executive order to show that they received clemency. This will help prevent hurdles they may face in obtaining housing, education, employment and custody of children as a result of a federal criminal conviction.

Gilnack, who was arrested in 2006 by federal park police in Washington, D.C., for being in possession of roughly an eighth of an ounce of marijuana, is now a public affairs consultant. Following his arrest, he underwent six months of probation.

On his post, Gilnack revealed that applying for the pardon certificate was a straightforward and seamless process, adding that it was received one week after he’d applied for it. He encouraged eligible individuals who hadn’t applied yet to find out their case docket number as well as the date they were convicted.

Cumulatively, the president’s mass pardon affects about 6,500 individuals who were federally convicted of being in possession of marijuana.

This certificate program was launched by the Department of Justice earlier this year, with the Office of the Pardon Attorney estimating that it would take no more than 2.5 hours per person to present all the information requested on the application.

While this move by the Biden administration was a step in the right direction, some of the individuals affected and advocates have criticized the sluggish rollout of the certificate application. The program was launched almost six months after the mass clemency announcement by the president.

Despite this, some officials seem to be following suit at the state level. As of December 2022, almost two million cannabis convictions had been expunged or pardoned countrywide. In Oregon, for example, the governor granted a mass pardon for state-level cannabis possession offenses to offer relief to roughly 45,000 individuals.

In 2019, Gov. J.B. Pritzker of Illinois also announced that his office was pardoning more than 11,000 individuals who had previously been convicted of simple marijuana possession prior to the launch of legal cannabis sales. In Nevada, Gov. Steve Sisolak pardoned some 15,000 individuals who had been convicted for low-level possession of marijuana.

These marijuana pardons further address the harms that marijuana prohibition has wreaked upon different families and communities. As conditions improve, the cannabis industry, major players such as TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) inclusive, will stand a chance to thrive even more as a bigger section of the population becomes less apprehensive about consuming the substance.

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420 with CNW — Nebraska Campaigners Start 2024 Medical Cannabis Legalization Drive

Activists in Nebraska have initiated a fundraising campaign to garner support for the inclusion of two medical cannabis legalization proposals on the state’s 2024 ballot. The group, Nebraskans for Medical Cannabis (NMM), has already begun the circulation of petitions and claims to have satisfied signature requirements in two counties by the end of last month.

The recent launch event held in Lincoln aimed to address a significant hurdle faced last year: the loss of vital funding after a major donor’s tragic death in a plane crash.

This is the third attempt by NMM to present the reform proposal to voters, and activists maintain their optimism, believing they will secure the necessary grassroots backing and resources to succeed this time around.

The launch showcased the involvement of various caregivers, patients and activists in medical marijuana advocacy, including key figures such as Crista Eggers, the campaign manager, and Senator Anna Wishart and former Senator Adam Morfeld, both of whom cochair NMM.

The campaign is set to obtain signatures from at least 5% of registered voters in 38 counties by year-end, with two counties already accomplished. To secure a place on the November 2024 ballot, the campaign must collect approximately 87,000 valid signatures from registered voters for each petition, in addition to meeting the county-specific goals, by July 5, 2024.

One of the initiatives seeks to establish safeguards for doctors recommending cannabis and patients purchasing and possessing it, effectively creating qualified immunity. The second initiative plans to establish a state cannabis commission to oversee the registration and regulation of individuals involved in the production, distribution and dispensing of medical cannabis.

Governor Jim Pillen has voiced opposition to marijuana reform, asserting that medical cannabis should only be accessible through FDA-approved processes, citing potential risks to children. In contrast, Eggers, NMM’s campaign manager, is determined to advocate for children such as her son, who suffers from severe seizures and could benefit from medical cannabis.

NMM initially submitted its reform petitions in May, with signature collection starting in July. An earlier campaign secured enough signatures for the 2020 ballot but was invalidated by the state Supreme Court due to a single-subject challenge. Subsequently, the revised petitions fell short due to a lack of funding following the tragic plane crash that claimed a key donor’s life.

Efforts by Nebraska legislators, including Wishart, to enact marijuana reform legislatively have consistently faced hurdles in the conservative legislature. Despite receiving a hearing in the unicameral Judiciary Committee in February, Wishart’s medical marijuana bill did not progress, which she attributed to changes in committee membership. A prior version of the measure faced a filibuster and ultimately stalled in the GOP-controlled legislature.

As many more states and countries work to ease their marijuana regulations, companies such as SNDL Inc. (NASDAQ: SNDL) will have a bigger pool of potential markets into which to expand as they grow their footprints.

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420 with CNW — Government Analysis Foresees Cannabis Scheduling Change by DEA

A recent government analysis predicts that the Drug Enforcement Administration (DEA) will most likely reschedule marijuana following the recommendation of federal health authorities. The DEA affirmed to Congress in 2020 that it is required by law to give the Department of Health and Human Services (HSS) precedence on matters of science and health in a report released on Sept. 13 by the Congressional Research Service (CRS), a think tank for public policy run by the federal government.

Based on the analysis, it is unlikely that the federal drug policy will be advanced in a way that may be revolutionary.

This has far-reaching consequences not only for the U.S. cannabis industry but also for individuals who use marijuana and seek federal employment or assistance, including military service and access to public housing. Researchers point out that the DEA’s past responses in congressional hearings indicate its tendency to align with the FDA’s recommendations on scientific and medical matters. The CRS report further notes that there is no record of the DEA rejecting an FDA proposal for rescheduling.

HHS’s recommendation to shift cannabis from Schedule 1 to Schedule 3 under the Controlled Substances Act is a crucial part of the ongoing federal review of marijuana’s legal status initiated by President Joe Biden last October. The DEA’s current responsibility is to evaluate how this reclassification impacts legal and policy-related questions, including U.S. obligations under international drug-control treaties. Additionally, the agency must formulate an appropriate modification to federal law.

The review is anticipated to conclude by year-end, with potential changes to federal law occurring as early as next spring.

Although marijuana remains illegal at the federal level, 38 states have legalized it for medical purposes, while 23 states have legalized it for recreational use. Rescheduling the substance would have significant consequences for both the marijuana industry and cannabis users. For starters, the stringent tax code provision, Section 280E, which currently prevents cannabis businesses from claiming regular tax deductions on federal tax returns, would no longer be applicable.

Furthermore, medical cannabis users may experience fewer barriers to accessing public housing, obtaining immigrant visas, federal employment and firearm ownership.

Under the Controlled Substances Act (CSA), Schedule 1 contains substances with a high potential for abuse and minimal or no recognized medical utility. In stark contrast, Schedule 3 substances are accessible legally through a doctor’s prescription, following a rigorous FDA approval process. Such substances are also deemed to have a relatively lower potential for psychological and physical dependence.

As the federal restrictions on marijuana gradually ease, many companies are likely to mushroom in the industry, and ancillary companies such as Innovative Industrial Properties Inc. (NYSE: IIPR) that serve marijuana companies could see their operations grow faster.

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