420 with CNW — Teenage Brains More Susceptible to Cannabis Harm

Only 35% of 12- to-17-year-olds believe that smoking cannabis at least twice a week carries a major risk, according to the 2021 National Survey on Drug Use and Health (NSDUH). This low perception of risk among teenagers is concerning and is partly fueled by the widespread availability of marijuana, leading to the mistaken belief that it is entirely safe, states Beth Ebel, a pediatrician affiliated with Seattle Children’s Hospital and the University of Washington School of Medicine.

The main psychoactive ingredient in cannabis, THC, alters brain chemistry to produce a “high.” The THC may have unexpected consequences on the brain, especially in young people, according to Ebel, who highlights that these effects could result in addiction and psychosis as well as other long-term health problems.

Notably, THC concentrations in modern cannabis plants are far higher than in previous generations; the potency can reach 20% or more. Furthermore, THC levels in concentrated marijuana products such as shatter and wax can reach up to 95%, which makes them much more potent and worthy of their own classification, according to Yasmin Hurd, a neuroscientist at the Icahn School of Medicine at Mount Sinai.

The adolescent phase is especially precarious for marijuana use, given the ongoing development of the brain, notes Hurd. At this point, the brain experiences major changes, including the formation of new connections, the strengthening of preexisting ones and the pruning away of superfluous ones. THC, however, interferes with the endocannabinoid mechanism, which is essential for brain growth and other physiological processes, severely affecting this developing process. Research on growing brains — both in people and animals — shows that THC has deleterious effects that result in long-term deficits in learning and memory.

For instance, a 2019 study by Hurd and her team on THC-injected teenage rats revealed abnormal nerve cell connections in the prefrontal cortex, an area of the brain essential for emotional control and problem-solving. Similarly, teens’ prefrontal cortex thinning was shown to be accelerated in marijuana users’ MRI scans, a sign of aberrant brain development, according to a 2021 study.

In addition to impairing cognition, teenage cannabis use increases the likelihood of mental-health issues such as anxiety and sadness, according to a 2023 study. Notably, individuals with marijuana-use disorder are more prone to experiencing mental-health issues, with higher rates of depression and suicidal thoughts observed among adolescents who misuse marijuana.

Furthermore, the age at which marijuana use first occurs has a substantial impact on the risk of developing a marijuana use disorder, with adolescents showing a higher vulnerability than young adults.

Teenage cannabis usage frequently results from coping mechanisms for different stressors, including anxiety or sadness, highlighting the intricate relationship between substance abuse and mental health. Misuse of cannabis, however, can worsen symptoms related to mental health, creating a harmful cycle of greater usage and elevated anxiety.

Daily cannabis usage during adolescence is linked to negative effects in adulthood, including substance misuse, suicidal thoughts and reduced educational attainment, according to longitudinal research. Additionally, there is evidence linking marijuana addiction to the development of schizophrenia. Specifically, young boys are more likely to experience an association between marijuana use disorder and new occurrences of schizophrenia.

These concerns about the potential effects of cannabis on teenage brains illustrates why licensed cannabis companies such as Prime Harvest Inc. implement stringent age-verification systems so that only those of age can purchase products from their retail outlets.

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

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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The 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. 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 – Software Effective Solutions Corp. (d/b/a MedCana) (SFWJ), Subsidiary Ink Multiyear Deal with Danziger Colombia

Software Effective Solutions Corp. (d/b/a MedCana) (OTC: SFWJ) and its majority-controlled subsidiary, Eko2o Environmental Solutions S.A.S., have signed a multiyear contract with Danziger Colombia. According to the announcement, the agreement outlines plans for Colombia-based Eko2o, a leading provider of greenhouse infrastructure and agricultural technology, to provide greenhouse infrastructure services, irrigation products and technology to Danziger’s flower operations in Colombia. The company anticipates the agreement, which marks a pivotal moment for both organizations in their commitment to innovative agricultural practices, will result in between $2.5 million and $3 million in revenue over the next three years. Eko2o specializes in providing state-of-the-art greenhouse infrastructure and agricultural technology solutions and is focused on enhancing the efficiency and sustainability of agricultural production in Colombia and beyond. “We are thrilled to embark on this initial phase with Danziger,” said Eko2o S.A.S CEO Juan Ricardo Velez in the press release. “This partnership not only represents a significant milestone for our company but also sets the stage for future expansion. We eagerly anticipate further growth with Danziger in the near future and are confident that this agreement will pave the way for more collaborations with other leading flower and cannabis producers globally and nationally.”

To view the full press release, visit https://ccw.fm/CN3dM

ABOUT Software Effective Solutions

Software Effective Solutions/MedCana is a holding company focused on developing companies in the agricultural technology and the cannabis industries. As MedCana moves forward with its expansion plans, the company remains committed to delivering on its promise of building a solid foundation for future growth of its holdings. For more information, visit the company’s website at www.MedCana.net.

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

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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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Lexaria Bioscience Corp. (NASDAQ: LEXX) Kicks off 2024 with FDA IND Submission for its HYPER-H23-1 Phase 1b Human Clinical Trial

Lexaria, a global innovator in drug delivery platforms, just announced the submission of its IND application with the FDA for its HYPER-H23-1 phase 1b hypertension clinical trial
This study will seek to evaluate the safety and tolerability of Lexaria’s patented DehydraTECH(TM) technology, specifically DehydraTECH-CBD, in hypertensive patients
Lexaria expects to build on success of its previous studies, which showed positive results and DehydraTECH-CBD’s potential to have broad therapeutic utility

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, just announced the submission of its much-anticipated Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”) for its HYPER-H23-1 phase 1b hypertension clinical trial. The submission follows a successful pre-IND meeting with the FDA, an integral step in the IND’s development and filing (https://cnw.fm/exwpC).

Titled “A Phase 1b Randomized, Double-Blind, Placebo-Controlled Study of the Safety, Pharmacokinetics, and Pharmacodynamics of DehydraTECH-CBD in Subjects with Stage 1 or Stage 2 Hypertension,” this study will seek to evaluate the safety and tolerability of Lexaria’s patented DehydraTECH(TM) and specifically DehydraTECH-CBD in hypertensive patients. Secondary objectives will also include efficacy evaluation in reducing blood pressure and detailed pharmacokinetic testing.

The IND submission was initially set for the end of August 2023 but was delayed by the overdue delivery of required analytical and stability information from one of Lexaria’s core ingredient suppliers. However, the company has since made tremendous progress and looks to commence with its HYPER-H23-1 clinical trial as soon as possible following IND effectiveness, subject to certain conditions, including funding.

Lexaria is optimistic about the study and looks to build on the success of its previous studies that date back to 2018. So far, the company has sponsored five investigator-initiated human clinical studies of its DehydraTECH-CBD in an aggregate total of 134 people and has not recorded a single adverse event. Positive results from these studies included significant reductions in resting blood pressure over both acute and multi-week dosing regimens alone and, in some cases, complementary to standard-of-care medications. These results suggested that DehydraTECH-CBD has the potential to have broad therapeutic utility, and that is something Lexaria is looking to explore more in its HYPER-H23-1 clinical study.

This submission affirms Lexaria’s commitment to creating shareholder value. It also points to its goal to fulfill the promises made to its shareholders, as detailed in its roadmap for the 2024 calendar year. For Chris Bunka, Lexaria’s CEO, this marks a significant milestone in line with his pledge to do all he can to “turn 2024 into the year that Lexaria leaps forward.”

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 — Judge Rejects Challenge by Out-of-State Residents Against New York’s Cannabis Program

A recent ruling by a federal judge Anne M. Nardacci has dismissed a lawsuit challenging New York’s cannabis licensing program. The lawsuit, filed by two applicants from California, argued that the program unfairly discriminates against non-New York state residents. The ruling would allow the state to grant more licenses, which would have a big effect on a market that is primarily controlled by illegal businesses.

According to Nardacci, the public’s interest in allowing legitimately licensed entities to dominate the market outweighs the issues brought up by the plaintiffs. She noted that the plaintiffs-cited dormant Commerce Provision does not apply to illegal marijuana commerce on federal territory. Rather, due to the lack of Congressional legislation, the provision prohibits states from enacting protectionist policies that hinder interstate commerce.

The legal action, initiated in mid-December by two Los Angeles-based companies, sought a preliminary injunction and temporary restraining orders. Their goal was to halt the state’s licensing procedure during the course of litigation. Nardacci, however, denied the motions, stating that the implementation of regulated permits for the sale of marijuana products would be delayed if an injunction were granted, maintaining the dominance of illegal operators in the market.

New York attorney general Letitia James expressed satisfaction with the court’s decision, noting its significance in ensuring equitable opportunities for disproportionately affected communities within the legal marijuana industry.

New York launched its cannabis program in October last year, intending to give priority to people with past drug convictions who are seeking permits. The strategy aimed to give individuals negatively impacted by the drug war an opportunity before rivals overflowed the market.

Attorneys for the state claimed that more than 1,000 retail locations were expected to be granted licenses this year. They stated that applicants from outside the state are accommodated by the application process, which enables them to prove that they reside in regions that have been disproportionately affected by marijuana prohibition. These measures were anticipated to increase the number of licensed dispensaries, challenging the dominance of black-market vendors who operate unlicensed retail locations.

Critics point to bureaucratic obstacles as the reason for the slow growth of New York’s retail cannabis market, citing delays in the social-equity fund rollout intended to assist applicants in launching stores. The licensing process has also faced legal challenges from excluded individuals and businesses, with a recent lawsuit aiming to further delay the process.

This court victory is a win for the broader cannabis industry, including companies operating in other state markets, such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF), since the decision leaves regulators in New York state free to proceed with the rollout of recreational cannabis sales.

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CannabisNewsBreaks – IBN’s CNW to Elevate Visibility for ZJ Events in 2024

CannabisNewsWire (“CNW”), a specialized communications platform for the cannabis sector and one of the 60+ brands within IBN (“InvestorBrandNetwork”), has announced its renewed partnership as the official newswire for ZJ Events in 2024. ZJ Events, an innovative organizer hosting multiple trade shows across the USA and South America every year, is set to deliver a captivating 2024 event series, featuring the BizCann Expo and Alternative Products Expo, the nation’s largest CBD and hemp event (formerly known as USA CBD Expo). Leveraging its extensive array of corporate-communications solutions, IBN aims to elevate the visibility of exhibitors, participants and the conferences among diverse audiences, including public officials, investors, influencers, media professionals, consumers, and the general public. “ZJ Events excels in producing top-notch events that provide attendees with fun and thrilling experiences, setting us apart in a unique category within the traditionally dull conference space,” said Craig Corban, director of marketing at ZJ Events. “As former exhibitors ourselves, we have a unique understanding of what it takes to create truly dynamic business gatherings that drive productive networking.”

To view the full press release, visit https://cnw.fm/8tAN7

About IBN

IBN consists of financial brands introduced to the investment public over the course of 17+ years. With IBN, we have amassed a collective audience of millions of social media followers. These distinctive investor brands aim to fulfill the unique needs of a growing base of client-partners. IBN will continue to expand our branded network of highly influential properties, leveraging the knowledge and energy of specialized teams of experts to serve our increasingly diversified list of clients.

Through our Dynamic Brand Portfolio (“DBP”), IBN provides: (1) access to a network of wire solutions via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) Press Release Enhancement to ensure maximum impact; (4) full-scale distribution to a growing social media audience; (5) a full array of corporate communications solutions; and (6) total news coverage solutions.

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420 with CNW — Virginia Assembly Committee Approves Cannabis Bill Permitting Sales

A recently amended measure, HB 698, advanced by a Virginia Assembly subcommittee, seeks to permit existing medical cannabis dispensaries and certain small businesses to commence recreational marijuana sales in January next year, with more retailers expected to be licensed by year-end.

A medical marijuana operator has to quickly establish six microbusinesses to capitalize on an early launch date. The present form of the law would provide $400,000 in funding to each of these microbusinesses. In turn, microbusiness licenses would require that at least two-thirds of the individuals directly controlling the enterprise meet certain social-equity requirements, with preference going to those who meet multiple requirements.

Delegate Paul Krizek, the subcommittee chair and the bill’s lead sponsor, noted that his proposal draws inspiration from Maryland’s approach to legal sales, including a gradual marketplace rollout. The bill is designed to ensure affordability through low taxes (9%), utilizing medical companies to address initial demand and implementing a robust social program to assist individuals most affected by cannabis criminalization.

Equity activists applauded the inclusion of prior cannabis misdemeanor convictions and people related to someone convicted (spouse, child, parent or sibling) as substantial additions to the qualifying requirements for microbusiness licenses. Additional criteria involve residence in historically underprivileged neighborhoods, school attendance in such areas, receiving Pell grants, or military veteran status.

The accelerator might be able to sustain 30 microbusinesses, given that Virginia currently has five medical cannabis providers. However, the measure would eventually allow more licenses for different marijuana-related activities.

Despite varied perspectives, there is general agreement that market control is necessary following the legalization of cannabis home cultivation, possession and use in 2021. Currently, legislators are trying to reach an agreement on a proposal regarding retail sales, despite the possibility of a veto from Governor Glenn Youngkin, who stated last month that he had no interest in legalizing Democratic-led sales bills.

When he assumed office, Gov. Youngkin stated that he was not opposed to permitting commercial sales in general. However, he noted that there were several Democratic measures, such as clauses requiring cannabis businesses to form labor unions, that he would not support.

Krizek’s amended measure is unique for allowing Virginia’s five existing medical cannabis companies to start recreational sales before new retailers receive licenses. While advocates argue that this speeds up the state’s legal marijuana sales, detractors warn that it would unfairly favor large out-of-state medical businesses over small and local enterprises.

Several advocacy organizations, such as Marijuana Justice and the Virginia chapter of NORML, are in support of the measure. Established cannabis companies such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) could also support the draft law because it would expedite access to licensed marijuana products instead of having customers taking chances with black-market products.

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CBDNewsBreaks – Software Effective Solutions Corp. (SFWJ) Committed to Building Capabilities to Provide Pharmaceutical-Grade Cannabis Extracts to the World

Software Effective Solutions (OTC: SFWJ) is among companies in the cannabis space paying close attention to the mounting calls for the rescheduling of cannabis to a Schedule III from a Schedule I substance per the Controlled Substances Act (“CSA”). “The call for cannabis rescheduling on the CSA list is not new, but it has gained momentum since the U.S. Department of Health and Human Services (‘HHS’) sent a brief letter to the head of the U.S. Drug Enforcement Administration… ‘HHS is believed to have advised DEA to move marijuana from Schedule I to Schedule III of the Controlled Substances Act (“CSA”), and the law enforcement agency is now carrying out its own review before making a final determination,’” reads a recent article, which contains excerpts from an report in Marijuana Moment. “A change in the rescheduling would almost certainly benefit Software Effective Solutions, a global infrastructure and holding company in the cannabis industry. Operating as MedCana, the company currently has five divisions focused on pharmaceutical cannabis production, as well as a software company focused on managing processes for plant-to-patient operations. The recent acquisition of an irrigation and greenhouse technology company has rounded out MedCana’s portfolio of holdings… The company is committed to building technology, laboratories, growing facilities, and scientific teams needed to provide pharmaceutical-grade cannabis extracts to the world.”

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

About Software Effective Solutions Corp.

Software Effective Solutions/MedCana is a global infrastructure and holding company in the cannabis industry. Currently, MedCana has five companies focused on pharmaceutical cannabis production and one software company focused on managing processes for plant-to-patient operations. The recent acquisition of an irrigation and greenhouse technology company has rounded out MedCana’s portfolio of companies. MedCana’s initial focus is on developing clients and companies in Latin America with an initial focus in Colombia and partnerships with laboratories, research facilities and hospitals throughout the world. For more information, visit the company’s website at www.MedCana.net.

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

About CBDWire

CBDWire (“CBDW”) is a specialized communications platform with a focus on CBD related news and updates in the cannabidiol (“CBD”) 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, CBDW 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, CBDW brings its clients unparalleled recognition and brand awareness.

CBDW is where breaking news, insightful content and actionable information converge.

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420 with CNW — Texas AG Wants Court to Reverse Cannabis Decriminalization in Five Cities

Texas attorney general Ken Paxton is asking the court to overturn cannabis decriminalization policies passed and implemented in five cities and has vowed to overrule the “pro-crime extremists” who championed cannabis reform in the Texas cities. The Republican filed suits against the cities of San Marcos, Austin, Denton, Killeen and Elgin earlier this week to overturn their voter-passed cannabis decriminalization measures.

In the filings, Paxton cited relevant state constitutional and statute provisions and argued that these provisions prevented local governments from approving policies that were in conflict with state law. The AG also issued a press release stating that he would not stand by idly while Texas cities run by “pro-crime” extremists deliberately violated state law and promoted illegal drug use. He added that the municipalities that had enacted cannabis decriminalization laws in the last couple of years took unconstitutional action because cities cannot decide policies to be enforced.

Paxton’s legal action comes as cannabis reform activists with Texas Cannabis Collective and Ground Game Texas work to gather signatures that will allow decriminalization measures to be placed on the November ballot for the cities of Lockhart and Dallas. Lubbock voters will also have the chance to make a decision on a marijuana decriminalization, after legislators allowed a resolution on that issue to be placed on the May ballot.

The decriminalization initiatives passed in Denton, San Marcos, Austin, Killeen, Harker Heights and Elgin prevent law enforcement officers from issuing citations against individuals or arresting them for committing nonviolent or drug-trade-related Class A or B misdemeanor marijuana offenses.

Of the aforementioned cities, Harker Heights is the only city that wasn’t targeted by the AG’s lawsuits, likely because it refused to implement the voter-approved change in policy.

Ground Game Texas’ executive director Julie Oliver stated that the attorney general’s lawsuits were an assault on the authority granted to cities by the constitution, which allowed them to enact their law enforcement policies. Oliver issued a press release noting that a majority of voters in each of the cities cited in the lawsuits were in favor of cannabis decriminalization and the deprioritization of cannabis enforcement.

Oliver explained that voters approved resolutions to minimize racial bias in law enforcement efforts and direct public resources to public safety needs with higher priorities. She added that the AG’s description of promarijuana reform groups in the state as pro-crime organizations was ironic because he is currently being investigated for financial crimes. In her conclusion, Oliver noted that the suits attempted to deflect from the AG’s legal issues and his waning political influence.

The pushback from the attorney general in Texas to local efforts to decriminalize marijuana is likely to be a subject of interest to major marijuana companies such as Canopy Growth Corp. (NASDAQ: CGC) (TSX: WEED). This is because the outcome of those lawsuits could impact the manner in which drug-law-reform efforts progress in other states that have not yet ended prohibition.

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 – InMed Pharmaceuticals Inc. (NASDAQ: INM) Names New Chief Financial Officer

InMed Pharmaceuticals (NASDAQ: INM), a leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary cannabinoid analogs, has announced the appointment of Netta Jagpal, CPA, CA, as the newest member of its executive team; Jagpal will serve as the company chief financial officer and corporate secretary, effective Feb. 20, 2024. Jagpal has garnered more than two decades of experience in financial leadership roles, primarily in the biotech industry. Most recently, she was vice president of Financial Reporting & Compliance for D-Wave Systems Inc. (NYSE: QBTS), where she was a key player in the company’s initial public offering process; she also served in a variety of roles, including senior director and finance & corporate controller at Zymeworks Inc. (NYSE: ZYME), a leading Vancouver based clinical stage biopharmaceutical company. She has also worked at Angiotech Pharmaceuticals Inc. and Ernst & Young.

“We are excited to welcome Ms. Jagpal to InMed and are fortunate to have someone of her caliber and experience join our executive leadership team,” said InMed Pharmaceuticals president and CEOEric A. Adams in the press release. “Netta has served in leadership positions with multiple public and private companies and brings a wealth of experience in the biotech industry. Netta’s experience in leading all aspects of the finance and accounting functions makes her an ideal candidate to support both InMed’s core pharmaceutical drug-development business and BayMedica’s commercial enterprise.”

To view the full press release, visit https://cnw.fm/V747F

About InMed Pharmaceuticals Inc.

InMed Pharmaceuticals is a global leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary cannabinoid analogs. Together with its subsidiary, BayMedica, the company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. InMed is a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and dedicated to delivering new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, please visit www.InMedPharma.com.

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

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420 with CNW — Senate Democrats Implore Feds to Remove Marijuana from CSA

In a recent letter to the U.S. Drug Enforcement Administration (DEA), 12 Senate Democrat legislators have urged President Joseph Biden’s administration to reconsider federal cannabis restrictions as the agency contemplates cannabis rescheduling. The letter, signed by the Senate Majority Leader and spearheaded by Senators Elizabeth Warren and John Fetterman, highlights the strong argument in favor of taking cannabis out of Schedule I. The senators suggest removing it completely from the CSA in addition to downgrading its classification.

In August 2023, the U.S. Department of Health and Human Services (HSS) recommended moving marijuana from Schedule I to III of the Controlled Substances Act (CSA), a move that triggered an ongoing, months-long review process. Rescheduling or descheduling (removing it from the CSA completely) cannabis would significantly impact the cannabis industry as well as cannabis users, some of whom use it medically.

Schedule I, which formally classifies marijuana as a substance with high abuse potential and no recognized medical uses, puts it in the same category as drugs such as LSD and heroin. Despite this, different marijuana laws have been passed by 40 states as well as Washington, D.C., leaving users and businesses in a confusing legal environment.

Last month, the DEA stated that it maintained the authority to deschedule, schedule or reschedule substances under the CSA based on medical and scientific assessments despite the HHS’s recommendation.

The White House hoped for a rescheduling announcement approximately one year following President Biden’s October 2022 order for the DEA to review the HHS’s recommendation report. Though no statement has been made, it was anticipated that the matter would come up frequently during the elections in November.

In their letter, the senators noted that Biden’s administration needs to first take cannabis out of Schedule I before eventually descheduling it. The government officials highlighted the administration’s unique opportunity to conform to public health and scientific rationales while mitigating the negative effects of existing federal cannabis regulations on small enterprises and individuals.

Meanwhile, Senators Ron Wyden and Cory Booker, who are also signatories to the letter, proposed comprehensive cannabis reform aimed at decriminalizing and abolishing the federal prohibition of marijuana. However, the legislation hasn’t received the required bipartisan support.

Another measure, the SAFE Banking Bill, attempts to make it easier for banks to offer financial services to marijuana enterprises in places where the drug is legal. The measure passed through committee but is still awaiting a senate vote. Schumer has previously emphasized the importance of the bipartisan-backed bill as a top legislative priority.

Cannabis companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) will be following the developments on Capitol Hill to see whether the legislative front can finally bring reforms beyond what the DEA is expected to announce once its scheduling review is completed.

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