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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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 — 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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420 with CNW — Brazilian Study Suggests Cannabis Helps Against Autism

With emerging research showing that cannabis holds promise for various health conditions, it comes as no surprise that some scientists have started conducting research on the drug’s usefulness in managing autism. Global researchers estimate that about 1% of the total population worldwide suffer from autism. However, few patients receive diagnoses, with many going about their daily lives undiagnosed.

Now new research by a team of scientists in Brazil has made a new discovery concerning the use of cannabis extracts in managing autism.

This isn’t the first study to evaluate this link, as a number of separate studies have also noted improvements in patients with autism who consume either the cannabis flower or plant-derived extracts. For instance, survey data published two years ago by the “Autism Parenting” Magazine cited that 22% of parents or caregivers in the United States had given CBD to an autistic child.

For their study, the researchers in Brazil evaluated the use of personally tailored doses of full-spectrum cannabis extracts in 20 patients living with autism spectrum disorder. Roughly 80% of the patients consumed these extracts, which were either dominant in THC or CBD, for a period of no less than six months. To personalize these THC and CBD dosages, the researchers used a titration protocol. It should be noted that all dosages were taken orally.

The researchers linked the cannabis treatment to perceived improvements in autism symptoms, as well as reductions in the use of neuropsychiatric drugs prescribed to the patients. In their report, the researchers stated that during the three to twenty-one months of treatment using cannabis extracts, parents of patients involved in the study reported improvements. They added that as treatment continued, the doses of most other drugs being taken were reduced or were totally eliminated during the treatment period.

The researchers noted that the majority of patients and their families noted an improvement in quality of life, adding that the side effects observed from the treatment were primarily temporary and mild.

In their conclusion, the researchers highlighted that their study expanded the scientific data that demonstrated that the use of cannabis extracts clinically was a safe intervention with valuable and promising effects over many aspects of autism that weren’t achieved by conventional drugs. The researchers added that based on their findings, they proposed guidelines for personalized treatment regimens that could be adapted to locally available and qualified full-spectrum cannabis extracts and help advance clinical trials.

The researchers’ findings were published in the “Frontiers in Psychiatry” journal.

This research suggests that the full potential of the medical marijuana products sold by companies such as Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) hasn’t been fully documented. As more becomes known about the additional conditions that marijuana can help with, the number of people who look to this substance for relief will keep growing.

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420 with CNW — Minnesota Supreme Court Says Cannabis Smell Insufficient Justification for Searching Vehicles

The Minnesota Supreme Court has established that the mere presence of a cannabis scent does not, by itself, provide sufficient grounds for law enforcement officers to conduct a vehicle search. The ruling stemmed from an incident that occurred during a traffic stop in Meeker County in 2021 when Adam Torgerson found himself being pulled over by Litchfield police for excessive auxiliary lights on his car’s grill.

During the stop, one of the officers claimed that they could detect the scent of marijuana emanating from the open car window. Torgerson, accompanied by his wife and a child, vehemently denied the presence of marijuana in the vehicle. Another officer subsequently approached the scene, also claiming to detect a marijuana scent. The officers instructed everyone to exit the vehicle and proceeded to conduct a search, finding small quantities of methamphetamine and paraphernalia.

Torgerson was not driving in an erratic manner, and there was no observable evidence of criminal activity in plain sight when the officers approached the vehicle. The officers’ rationale for establishing probable cause was solely anchored in the detection of cannabis odor.

Subsequently, a district court rendered a verdict deeming the evidence obtained during the search inadmissible. At the time (2021), there existed certain contexts in which the possession of marijuana was lawful; hemp, which bears a striking resemblance to regular marijuana in both appearance and odor, and medical cannabis were legal. Moreover, the possession of limited quantities of marijuana had been decriminalized by that juncture, still considered unlawful by statute but not inherently constituting a crime.

The state of Minnesota contested this decision, pursuing an appeal that was ultimately unsuccessful. The case then ascended to the Supreme Court, which upheld the preceding decisions made by lower courts. This judgment aligns with Colorado’s legal stance, where, since 2016, the scent of marijuana alone has not constituted an adequate probable cause for conducting a vehicle search.

However, the Minnesota ruling does not address any potential changes that may have transpired following the statewide legalization of low-dose THC edibles in 2022 and the subsequent legalization of recreational cannabis this year.

In any case, this verdict stands as a triumph for advocates of civil liberties and proponents of racial justice, who have persistently contended that the detection of marijuana scent has often been utilized as a pretext for unconstitutional searches, thereby infringing upon Fourth Amendment rights.

There are many other subtle and not-so-subtle remnants of marijuana prohibition-era restrictions that still exist in different states and jurisdictions. With these types of rulings, the cannabis industry, including companies such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), may look forward to the complete end to those residual forms of prohibition.

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CannabisNewsBreaks – Lexaria Bioscience Corp. (NASDAQ: LEXX) Announces New Studies to Examine DehydraTECH(TM)-Powered GLP-1 Drugs

Lexaria Bioscience (NASDAQ: LEXX, LEXXW), a global innovator in drug delivery platforms, today announced its intention to launch new human and animal studies to examine DehydraTECH(TM)-processed glucagon-like peptide-1 (“GLP-1”) drugs such as, but not limited to, semaglutide sold under Novo Nordisk’s brand names Ozempic(R), Wegovy(R) and Rybelsus(R), for purposes of improved bioavailability, cost-effectiveness, tolerability, weight loss potential, management of diabetes and other health conditions. According to the update, Lexaria, through these studies, hopes to achieve superior pharmacokinetic (“PK”) performance using DehydraTECH-powered GLP-1 drugs, which could enable drug delivery via oral capsule at lower costs than current injectables, with reduced side effects and enhanced health benefits. This is a significant expansion of Lexaria’s ongoing study program to examine its patented DehydraTECH-CBD for diabetes control in humans. The company now intends to evaluate this alongside and together with DehydraTECH-processed GLP-1 agents. Program design has commenced, and initial study work will begin soon.

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

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

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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) to Demonstrate DehydraTECH-CBD Benefits in Upcoming Investigational New Drug Application Submission

Lexaria’s IND application builds on five previous human clinical studies showing zero serious adverse effects and evidencing a reduction in resting blood pressure in test subjects
DehydraTECH(TM)-CBD has the potential to have pronounced clinical benefits relative to the available anti-hypertensive therapeutics on the market today
Work mostly under Lexaria’s control was completed earlier this year, including the batch manufacturing of DehydraTECH-CBD and placebo materials necessary for the IND application
Lexaria is waiting to submit until the necessary documentation outside of their control is ready for the IND application

Lexaria Bioscience (NASDAQ: LEXX), a global innovator in drug delivery platforms, remains on track for its upcoming Investigational New Drug (“IND”) submission. The application is for the company’s planned US Phase 1b Hypertension Clinical Trial HYPER-H23-1, entitled “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,” looks to evaluate the safety and tolerability of Lexaria’s patented DehydraTECH(TM)-processed CBD in hypertensive patients.

Lexaria’s IND submission builds on five previous human clinical studies conducted from 2018 to 2022 and is integral to the successful filing and review of the submission. These studies were carried out in an aggregate total of 134 healthy and hypertensive persons and evidenced significant reductions in resting blood pressure over both acute and multi-week dosing regimens. The studies also showed zero serious adverse effects, evidencing Lexaria’s DehydraTECH-CBD’s potential to have pronounced clinical benefits relative to available anti-hypertensive therapeutics.

“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,” said Chris Bunka, CEO of Lexaria (https://cnw.fm/rG6OB).

Work mostly under Lexaria’s control was completed earlier this year, including the batch manufacturing of DehydraTECH-CBD and placebo materials necessary for the IND application. However, work outside the company’s control remains delayed, including the provision of required documentation by a materials supplier and stability testing of the material. Despite this delay, Lexaria is still progressing toward its application submission.

The company is only aware of a handful of other published research investigating whether a decrease in resting blood pressure is possible following multiple weeks of oral CBD use. Lexaria notes that none of this published research has succeeded in achieving this goal. The outcomes of the company’s previous research prove DehydraTECH-CBD’s superior power to reduce blood pressure over oral CBD formulations.

Lexaria’s DehydraTECH technology is designed for formulating and delivering lipophilic drugs and active pharmaceutical ingredients (“APIs”). DehydraTECH increases their effectiveness and improves the way these APIs enter the bloodstream. The major benefits of a DehydraTECH-enabled drug or consumer product include:

Faster delivery time – with the effects of the product felt in minutes
Increased bioavailability – the technology is more effective at delivering a drug or product directly to the bloodstream
Increased brain absorption – animal testing has suggested significant improvement in the quantity of the drug delivered across the blood-brain barrier
Improved potency – more of the ingested product is made available to the body, with lower dosages necessary for the desired result
Reduced administration costs – lower dosages mean less overall drug costs
Masking unwanted tastes – the technology eliminates or reduces the need for sweeteners

DehydraTECH is suitable for use with various product formats, including pharmaceuticals, nutraceuticals, consumer packaged goods, topicals and over-the-counter capsules, pills, tablets, and oral suspensions. The company’s technology is best considered an additional layer that can improve the effectiveness of existing drug offerings or planned new offerings. Lexaria’s DehydraTECH is covered by over 30 granted patents and has many more 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

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420 with CNW — California Lawmakers Send Cannabis Cafe Bill to Governor for Enactment

The California Assembly has approved a bill to legalize marijuana cafes in the state; the body sent the bill to Governor Gavin Newsom’s desk for his signature. Bill AB 374 would allow recreational cannabis dispensaries to provide customers with noncannabis drinks and foods as long as they receive approval from local authorities.

Senate lawmakers received the measure from assemblymembers, made slight amendments, and approved it in a 33 to 3 vote nearly one week ago before sending it back to the assembly for a concurrence vote. The assembly voted in favor of the amended cannabis cafe bill just a few days after receiving it from the Senate in a 48 to 7 vote, putting it on track to becoming a law if it receives Governor Newsom’s signature.

Assemblymember Matt Haney introduced the measure and envisioned it going through a relatively quick concurrence vote due to “strong bipartisan support.”

While lawmakers in the state recently concluded working on marijuana cafe legislation, California has a grey market populated with businesses that found legal workarounds to provide cannabis for on-site consumption while providing food for guests. If Newsom signs the measure into law, entrepreneurs with authorization from local governments will be able to prepare and sell nonmarijuana soft drinks and foods to customers at retail establishments.

Haney’s bill would legitimize the industry while prohibiting smoking tobacco and the sale of alcoholic beverages at marijuana cafes. It would also allow cannabis lounges to hold live performances of different varieties and sell tickets to these events.

Although microbusinesses and retailers would have the authority to sell freshly prepared drinks and foods, only retailers would be allowed to sell prepackaged food to customers, keeping the cannabis cafe rules in line with policies adopted by the California Department of Cannabis Control (DCC) in late 2022. Senate lawmakers amended the cannabis cafe bill to make it clear that it prohibits the sale of hemp-based foods and drinks at marijuana cafes by clarifying that it does not consider such products to be “noncannabis” products. The measure also states that cannabis cafes should store and display noncannabis items separately and distinctly from any cannabis products on site.

California legalized recreational cannabis in late 2016 and quickly built up the largest recreational marijuana market in the world. Cannabis retailers in the state generate billions of dollars in revenue every year, and even though marijuana sales declined last year, California‘s cannabis market had a $2.2 billion valuation in 2022.

The regulatory change allowing cannabis cafes to operate in California is likely to be copied in other jurisdictions where marijuana is legal for adult use. As a result, companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) could find themselves having to adjust to this reality in the markets where they operate.

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420 with CNW — Twist of Fate? DEA Now Tasked with Steering Marijuana Rescheduling

The United States is on the brink of a groundbreaking shift in its approach to marijuana policy. However, a significant obstacle stands in the way of this reform: the Drug Enforcement Administration (DEA).

Recognizing marijuana’s medical value, the U.S. Department of Health and Human Services ( HHS) recommended reclassifying marijuana as a Schedule III controlled substance in response to President Joe Biden’s call for a comprehensive review of marijuana scheduling last year. This pivotal moment in federal government policy places the key marijuana decision in the hands of the DEA, an agency historically associated with the country’s war on drugs.

The timeline for the DEA’s response remains uncertain, but experts speculate that an initial proposed rule could emerge by the year’s end, with finalization expected in the following spring. While the DEA cannot outright reject the HHS recommendation, its evaluation must encompass both legal and policy considerations, aligning with U.S. obligations under international drug-control treaties.

Barring an unlikely rejection of the HHS recommendation, the DEA must propose a federal law change consistent with the comprehensive scientific evaluation of marijuana. However, once the DEA suggests the change, more hurdles await, including a public comment period lasting typically 30 to 60 days, the DEA’s review of comments and potential lawsuits that could further delay implementation.

This marks the first time a president has ordered the DEA to review marijuana law, a significant departure from previous rejections of rescheduling petitions. The journey of marijuana through Capitol Hill bureaucracy began on Oct. 6, 2022, when President Biden instructed Cabinet-level agencies to expedite the review of marijuana scheduling.

Since 1970, marijuana has been classified as a Schedule I substance, defined as having no medicinal value and high potential for abuse. This designation poses significant challenges to legal marijuana businesses, including limited tax deductions, restricted access to mainstream banks and U.S.-based stock exchanges, and the constant threat of DEA raids. The federal ban also hampers research, product development, workplace safety regulations and health insurance matters. Previous efforts to challenge marijuana’s classification came through petitions or court actions by state governors and advocacy groups, such as NORML.

The DEA faces the challenge of creating a meticulous administrative record for impending lawsuits. Those lawsuits could potentially be filed by a wide range of individuals and organizations, from those wanting to maintain marijuana’s illegality to advocates seeking its descheduling. Regardless of the DEA’s recommendation, conflicts between state and federal laws will persist, necessitating congressional action in the long-term. Nonetheless, a significant change in marijuana policy appears inevitable and more imminent than ever before.

Industry companies such as Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) will probably be waiting with bated breath to see what decision the DEA makes regarding the change in the scheduling of marijuana.

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