420 with CNW — FIVE Ways to Keep Finances Healthy in Marijuana Industry

Marijuana leaders need to use sound financial techniques when operating in the cannabis sector. Given the complexities of the space, companies must devise strategies such as establishing relationships with field experts and looking for fresh revenue streams to differentiate themselves and remain competitive.

Here are five crucial financial pointers for marijuana company owners:

Focus on increasing cash flow

Maintaining a healthy cash flow is essential for any marijuana company. This entails keeping a careful eye on earnings and outlays in addition to monitoring key performance indicators such as yield per square foot for growers or average sales per customer for retailers.

A lot of new operators tend to hire too many staff members too soon or invest in pointless facility improvements. Nonetheless, companies can attain profitability more quickly and guarantee long-term financial stability by carefully controlling these costs without compromising on quality or service.

Keep accurate financial records

Clear and accurate financial records are essential for the smooth running of a cannabis business. These records not only help in regulatory compliance but are also vital for attracting investors or obtaining loans.

Hiring accountants who understand the specifics of the industry is a smart move to ensure that financial records are both detailed and correct. Regularly tracking and reporting on key performance indicators (KPIs) also provides insights that can guide decision-making and help the business adjust to changes.

Refine tax strategy

The tax regulations in the marijuana industry are complex, making it essential to work with tax professionals who are well-versed in cannabis laws. Understanding Section 280E and how it impacts your business can help reduce unnecessary tax liabilities.

Tax responsibilities can be reduced by allocating expenses to the cost of goods sold, but it’s crucial to make sure that all tax procedures adhere to legal requirements. Staying informed about regulatory changes and preparing to adapt quickly can give your businesses an edge.

Be compliant

Compliance in the cannabis sector isn’t just a legal necessity — it’s a core part of business success. A cannabis license is often the most valuable asset a business holds, so protecting it should be a top priority.

Having a knowledgeable staff that is familiar with industry rules can help a company stay ahead of compliance problems. It’s also important to stay updated on the rules in every area you operate, as they can differ greatly from one state or municipality to another.

Build solid banking relationships

Given the challenges cannabis businesses face in accessing banking services, it’s vital to establish strong relationships with financial institutions that understand the industry’s unique needs.

Look for banks that not only offer the necessary services but also provide reasonable fees. Some institutions may charge higher rates due to the nature of the business, so it’s wise to compare options.

Finding a bank that offers interest-bearing accounts can also be beneficial by adding an extra revenue stream without additional costs. Always work with trustworthy institutions to ensure transparency and minimize risks.

Each marijuana company is different, and entities such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) are likely to come up with their own unique ways of making use of the strategies above as they aim to keep their finances in the best possible health.

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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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420 with CNW — Trump Notes Support for Cannabis Ballot Measure in Florida, Wants Public Smoking Banned

Donald Trump recently stated that he was confident Florida voters would pass the cannabis legalization initiative during the November ballot. He emphasized that since marijuana is already legal in many other states, it is unfair for someone to be prosecuted as a criminal in Florida.

In addition, Trump attacked the status quo regulations, saying they endanger public health, destroy lives and expose individuals to fentanyl-contaminated marijuana. If voters approve the measure, he encouraged lawmakers to take action by passing legislation outlawing marijuana use in public places.

Former Florida GOP chair, Senator Joe Gruters, praised Trump’s support for legalization. He said, “I am extremely proud to have President Trump join us in our effort to end the unnecessary incarcerations and arrests of adults for minor cannabis possession and to provide Floridians with the same freedom to access safe, vetted products that over half of the nation already practices.”

In line with Trump’s position, Gruters has pledged to support legislation that would outlaw marijuana use in public places should voters approve the legalization initiative.

Trump told a news reporter at a press conference in August 2024 that he was increasingly inclined to believe that people should not be criminalized for using cannabis, especially since the substance is becoming legalized nationwide. He suggested that he would soon make public his formal stance on the Florida marijuana ballot initiative.

Roger Stone, a longtime ally and Republican strategist, who resides in Florida and supports the legalization initiative, later commented that if Trump does endorse the measure, it would almost certainly lead to its approval.

Meanwhile, Representative Nancy Mace, who is sponsoring the States Reform Act to federally legalize cannabis, expressed her hope that Trump will support the Biden administration’s effort to reschedule cannabis. She also noted that many GOP lawmakers in Congress have been hesitant to embrace cannabis policy reform due to fear.

In his recent comments, Trump also criticized Vice President Kamala Harris for her record on marijuana prosecutions, claiming that she incarcerated thousands of Black individuals for cannabis-related offenses. Although this characterization of Harris’s record is somewhat exaggerated, it highlights Trump’s evolving stance on cannabis decriminalization and his willingness to leverage the issue in the political arena.

Harris has chosen Minnesota Governor Tim Walz as her running mate. Walz has been a strong advocate for marijuana reform, supporting various legislations in Congress and, as governor, signing a comprehensive marijuana legalization bill into law last year.

Marijuana companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) will be watching the presidential campaigns to see whether momentum is created for making serious changes at the federal level with regard to marijuana policy.

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420 with CNW — New Scientific Review Says Medical Cannabis Shows Promise in Treating Tourette Syndrome

A recent scientific review has delved into the possible therapeutic benefits of marijuana-based medicine for treating Tourette syndrome (TS), revealing that medical cannabis might significantly help reduce the intensity of premonitory urges and tics associated with the condition.

The review’s authors examined nine studies with 401 TS patients. The findings suggest that while more research is necessary — particularly studies involving larger participant groups, standardized dosages and consistent drug formulations — marijuana-based medicine (MBM) holds promise as a treatment option for individuals with TS.

“The current study demonstrates promising and perhaps advantageous results with MBM in terms of reducing the intensity of premonitory cravings and tics,” the authors noted. They said that considering the few therapeutic choices now accessible to TS patients, these findings may be especially important.

Although there are several treatments available to lessen the frequency and intensity of tics connected to TS and improve the quality of life for patients, the authors observed a notable deficiency of strong evidence to support the efficacy of these treatments. Currently, the FDA has only approved three drugs to treat tics: aripiprazole, haloperidol and pimozide. But since there isn’t a single treatment that works for everyone, several other agents, including MBM, have been suggested as viable solutions.

The review included both cohort studies and clinical trials, and it included comparisons between measurements obtained before and after cannabis administration. The significance of the findings was evaluated using a 95% confidence interval.

The meta-analysis encompassed three trials, out of which one demonstrated a noteworthy decline in overall scores, the second showed a considerable reduction in scores and the third revealed no significant variation with the use of marijuana-based treatment.

According to the authors, their study is the first comprehensive meta-analysis and review of MBM’s efficacy in TS patients using a variety of measures. They did concede that there are questions regarding the study’s findings’ generalizability due to the very small data set and that more research is needed.

As per the Tourette Association of America, there are specific states, including Ohio, New Jersey, Missouri, Minnesota, Illinois and Arkansas, that acknowledge TS as a qualifying diagnosis for medical cannabis. In certain states, medical professionals are permitted to recommend marijuana for any disease they think would benefit from it, especially if other treatments have failed.

There is growing momentum in the United States to loosen regulations surrounding medical marijuana research. Even though reclassification by itself wouldn’t make recreational or medical cannabis markets lawful in any state, it might have several effects on government workers, taxation, research and other sectors.

The full benefits of the medical cannabis products from the thousands of licensed marijuana companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) are unlikely to be fully known in the years to come until extensive research is done to document how different groups of patients respond when they consume these products.

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420 with CNW — Legalizing Medical Cannabis in North Carolina Still Faces Huge Hurdles

For the third year in a row, the senate of North Carolina approved the Compassionate Care Act. The measure aims to allow the sale of marijuana and marijuana-infused products to patients who qualify under a set of strict conditions, utilizing a regulated medical marijuana system. Despite this progress, the legislation is presently stuck in the house.

Adding to the complexity, a recent decision by the Supreme Court has influenced the discussion around reclassifying marijuana as a Schedule 3 drug. Changing its classification from Schedule 1 to Schedule 3 would formally recognize its medical use, representing a small yet significant step toward legalization in North Carolina.

Earlier this year, the Eastern Band of Cherokee Indians launched the state’s first dispensary for medical cannabis, sparking renewed hope among Charlotte’s hemp entrepreneurs for the broader acceptance of medical cannabis. However, the dispensary operates outside of state law because of the tribe’s sovereign status.

According to Natacha Andrews, National Association of Black Cannabis Lawyers CEO, a majority of North Carolinians support the legalization of medical cannabis, despite a “stigma wall” that some legislators and residents still hide behind. Andrews pointed out that more than 80% of respondents in polls have expressed support for medical cannabis. However, some individuals self-exclude from the conversation due to long-standing beliefs instilled by their upbringing, religious teachings or societal norms that associate cannabis with negative connotations.

The proposed legislation is designed to aid individuals dealing with severe medical conditions such as PTSD, cancer and epilepsy. It has garnered bipartisan backing in the state legislature, including support from Republican Senator Bill Rabon, who has openly credited cannabis with aiding his recovery from colon cancer.

Conversely, Senator Jim Burgin, another Republican, argued that cannabis is not a recognized medicine, pointing out its lack of FDA approval and its current status as a controlled substance. Even if marijuana were to receive federal approval, Burgin stated that he would advocate for restricted forms of administration, such as suppositories, drops or nebulizers, as alternatives to smoking.

Financial projections suggest that legalizing medical marijuana in North Carolina could generate more than $15 million in the first year through application fees and a 10% tax on gross sales. However, Burgin contended that financial gain should not be the driving force behind legalization, especially if the primary goal is to address health issues and support those suffering from conditions such as PTSD.

Andrews believes that the question isn’t if marijuana will become legal in North Carolina, but when. She urges residents and businesses to prepare for the inevitable legalization as societal perceptions and global attitudes toward cannabis continue to shift.

Currently, the bill remains stuck in the house, with Speaker Tim Moore stating that they need 37 Republican votes to bring the bill to the floor. They have yet to secure the necessary support. Marijuana industry players, including major enterprises such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), will be hoping that the legislators in the state soon find a way to give patients an option of trying medical marijuana as an alternative or complement to the conventional medications they take to combat the diseases afflicting them.

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420 with CNW — Senator Introduces Legislation to Remove Cannabis Use as Barrier to Federal Jobs

A new piece of legislation has been introduced by Senator Gary Peters (D) that aims to alter the way federal agencies evaluate prior cannabis use when determining eligibility for security clearances and employment. The bill, titled the Dismantling Outdated Obstacles & Barriers to Individual Employment (DOOBIE) Act, was proposed on July 11, 2024.

The measure is designed to ensure that previous cannabis use does not negatively impact a person’s eligibility for federal jobs. Currently, federal law still prohibits cannabis users from federal employment and denies them security clearances because cannabis use and possession are still considered crimes at the federal level.

Despite cannabis being legal for medical use in 38 states and for adult use in 24 states, federal restrictions remain strict. The U.S. Drug Enforcement Administration is currently going through public comments on a proposal to reschedule marijuana as a Schedule 3 substance, which would lessen federal restrictions compared to its current Schedule 1 status, where it is grouped with substances such as cocaine and heroin.

The proposed legislation would prohibit the Office of Personnel Management (OPM) together with executive offices from basing employment appropriateness judgments on an individual’s prior cannabis use. Additionally, it would amend current legislation to ensure that previous cannabis use does not prevent one from obtaining security clearances or credentials for personal identification verification.

The bill explicitly modifies guidelines and definitions to conform to modern perspectives and the legal status of cannabis. It makes changes to the Intelligence Reform and Terrorism Prevention Act of 2004 Section 3002, eliminating marijuana’s classification as a “controlled substance” for security clearance purposes. Consequently, previous cannabis use would not constitute grounds for federal agencies to refuse security clearances or employment eligibility.

The Director of National Intelligence’s (ODNI) Office and OPM are tasked with assisting agencies in implementing these changes and making sure their rules conform with the act. The measure seeks to eliminate barriers to government employment for individuals with a history of cannabis use and lessen the stigma attached to its use.

There have long been initiatives to lessen prohibitions on marijuana users applying for federal jobs. Last year, a bipartisan House measure called the CURE Act, coauthored by Nancy Mace (R) and Jamie Raskin (D), proposed amendments to federal law to remove prior cannabis use as a disqualifying factor for federal employment candidates. The CURE Act also sought to ensure that cannabis use would not be a basis for depriving prospective federal employees of security clearances.

A few federal agencies have already started to implement the changes proposed in Peters’ bill. The OPM released guidelines in 2021 that said an applicant for a federal job cannot be denied solely based on prior cannabis use. The ODNI also revised its guidelines to make sure that government workers and contractors cannot have their security clearance denied based solely on prior cannabis use.

The wider cannabis industry, including leading entities such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), hopes that these different reform measures eventually yield tangible changes to the current marijuana policies at the federal level beyond the anticipated reclassification.

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420 with CNW — Study Shows Partner Violence Decreases After Marijuana Legalization

A recent study found that the legalization of recreational cannabis significantly reduces intimate partner violence (IPV). The research highlights that legal recreational marijuana affects the link between heavy alcohol consumption and IPV, likely because people are choosing cannabis over alcohol.

The study was written by Georgetown University master student Samantha Gene Baldwin, who described the findings as surprising.

“Given that cannabis use is an established IPV-risk factor, and that legalization typically leads to increased usage, one might expect RML to elevate IPV rates,” Baldwin explained. “RML may lessen its negative effects on IPV, though, if marijuana takes the place of alcohol, which is more likely to cause IPV.”

Baldwin’s research used data from the FBI’s National Incident-Based Reporting System (NIBRS) spanning from 2013 to 2019, excluding the COVID-19 pandemic period. The analysis revealed that the legalization of adult-use cannabis led to 56.6 fewer reported IPV incidents per 100,000 individuals.

Despite previous studies linking cannabis and substance use with higher IPV rates, Baldwin pointed out that the replacement of alcohol with marijuana, which is less strongly associated with IPV, resulted in an overall reduction in violence.

Historical cannabis prohibition may also have influenced trends. Baldwin suggested that when marijuana was illegal, its users might have been more prone to impulsive and risky behaviors. This context provides a different perspective on the implications of legalization.

Interestingly, the study found that in states without legal marijuana, IPV rates decreased as the number of heavy drinkers increased. Baldwin stated that lower rates of IPV are correlated with higher rates of excessive drinking in states where marijuana use is not permitted for recreational purposes. In particular, there were 5.6 fewer IPV instances for every percentage point increase in heavy drinkers.

On the other hand, eight additional IPV instances occurred for every percentage point rise in heavy drinkers in states with RML.

Baldwin’s thesis emphasizes the need for further research on state-specific trends and the impact of retail marijuana accessibility on violence. “Future studies should examine how different cannabis policies, ranging from full illegality to decriminalization, medical cannabis legalization and RML, affect IPV,” Baldwin noted.

Previous research has also suggested a decline in domestic violence with cannabis legalization. For instance, a 2019 study found that states reducing penalties for simple marijuana possession saw a marked drop in domestic violence incidents resulting in serious injuries. Moreover, another study in 2021 concluded that the reduction in overall crime following cannabis legalization was significantly underestimated due to inconsistencies in FBI data and voluntary participation by local agencies.

These studies suggest that there are more benefits to cannabis legalization and allowing licensed companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) to operate. As more research is done, those less-than-obvious benefits could increasingly come to light.

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420 with CNW — Opponents of Cannabis Rescheduling Slam Process FDA Relied On

Representatives of the prohibitionist organization Smart Approaches to Marijuana (SAM) have expressed their disapproval of the government’s plan to categorize cannabis as a Schedule 3 substance. They criticized the move as politically driven and not based on scientific evidence. The group is now exploring all legal avenues to challenge this change and is rallying its supporters to oppose it.

Kevin Sabet, SAM president and CEO, spoke during an online meeting, expressing strong disapproval of the federal officials behind the rescheduling proposal. He argued that the recommendation seemed outdated and inappropriate for 2024. Sabet emphasized that the process is far from over and that a lot of actions can be taken against the proposed change.

The organization’s executive vice president, Luke Niforatos, encouraged opponents of the reform to contact policymakers and voice their concerns. He suggested that the U.S. Drug Enforcement Agency (DEA) had already indicated ways for advocates to push back against the recommendation.

SAM has been disseminating allegations that DEA officials might be against the proposed adjustment ever since the government unveiled its rescheduling proposal in April. Sabet mentioned hearing that DEA director Anne Milgram had not signed off on the proposal, suggesting internal disagreement. Instead, U.S. attorney general Merrick Garland signed the proposed rule, raising further questions during a congressional hearing, where Milgram declined to comment on the matter.

During the SAM event, Sabet acknowledged that substances with proven medical use shouldn’t be in Schedule 1, the most restrictive category of the CSA. However, he criticized the review process by the U.S. Department of Health and Human Services (HHS), which concluded cannabis has proven medical uses. He argued that the process seemed to approve substances based on popularity rather than scientific merit.

Many of the ramifications of officially classifying marijuana as Schedule 3 are still unknown, according to Sabet. One potential change is that state-licensed cannabis businesses could claim tax deductions, which might lead to the industry’s expansion. He and other panelists warned that this could result in increased marijuana use, more access for teenagers and greater risks on the roads. Sabet also downplayed the idea that rescheduling would significantly ease restrictions on marijuana research.

Looking ahead, SAM hopes the DEA might reject the recommendation or consider moving cannabis to Schedule 2. Sabet referenced international law interpretations that seem to require keeping marijuana in Schedule 1 or 2. In 2016, the DEA denied an earlier petition to reschedule cannabis, citing international treaty obligations.

Sabet expressed doubt that rescheduling would prompt the FDA to interfere with state-licensed marijuana markets. However, Niforatos urged followers to press the federal government to utilize postponement as justification for taking action against legally operating states.

The recommendation to reschedule cannabis was officially proposed last month, initiating a public comment period expected to generate diverse responses. Cannabis reform advocates plan to leverage this opportunity, with some supporting reclassification and others pushing for complete descheduling. SAM and other prohibitionists, meanwhile, are expected to continue opposing the policy change via lobbying and potential litigation.

Marijuana companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) may have expected this pushback against the rescheduling of cannabis at the federal level, and they will be following the process as it unfolds now that the authorities have opened a comment period regarding the proposed policy change.

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420 with CNW — Police Groups Support Bill to Authorize Cannabis Interstate Commerce, End Federal Prohibition in States

A bipartisan initiative aiming at terminating federal enforcement of marijuana laws in states where it is legal has the backing of two significant law enforcement organizations: the Oregon Coalition of Police and Sheriffs (ORCOPS) and the Peace Officers Research Association of California (PORAC). The huge tobacco and alcohol businesses are among the members of the Coalition for Cannabis Policy, Education, and Regulation (CPEAR), which made this endorsement announcement.

The bill, known as the STATES 2.0 Act, has gained backing from prominent lawmakers, including Representative Dave Joyce, the primary sponsor. Joyce, a former prosecutor, expressed gratitude toward the law enforcement associations for their support, emphasizing the inefficiency and counterproductive nature of forcing officers to navigate conflicting state and federal cannabis laws. He highlighted that this bill would resolve these discrepancies, allowing law enforcement to better focus on public-safety and community-specific needs.

Other sponsors of the bill include Representatives Brian Mast, Troy Carter, Lori Chavez-DeRemer and Earl Blumenauer. The proposed legislation seeks to amend the CSA, thereby decriminalizing federal offenses for individuals complying with state marijuana laws and those of Indian tribes. It also aims to authorize interstate cannabis commerce and proposes a tax on marijuana to support enforcement and regulation efforts.

Brian Marvel, president of PORAC, praised the STATES 2.0 Act, noting its balance between federal oversight and state autonomy. He emphasized that while state-level legalization does not eliminate illegal markets, the act would help law enforcement target those markets more effectively. This would enable understaffed and underfunded agencies to allocate resources toward more serious crimes and illegal substances.

ORCOPS president Aaron Schmautz underscored the importance of state and federal cooperation in ensuring laws and policies achieve their intended outcomes. He highlighted the longstanding disconnect between federal marijuana regulations and state legalization efforts, affirming that the STATES 2.0 Act addresses this issue and promotes public safety and responsible marijuana policies nationwide.

Additionally, the bill includes provisions to remove cannabis sales subject to state regulation from Section 280E of the IRS code, which now prohibits the industry from claiming federal tax deductions that are available to other markets. Following the bill’s passage, the attorney general would have six months to complete a rule modifying the CSA to exempt states and tribes from the federal government’s prohibition on cannabis use.

Former Representative Greg Walden, cochair of CPEAR, emphasized the bill’s respect for state rights and its potential to resolve conflicts arising from outdated federal policies. Walden, whose views on cannabis policy evolved during his time in Congress, now advocates for aligning federal laws with state regulations, reflecting the will of voters and supporting law enforcement.

The executive director of CPEAR, Andrew Freedman, praised the STATES Act for encouraging reasonable drug-policy reform and coordinating federal policy with state initiatives. He emphasized the necessity of laws that safeguard children, improve traffic safety, fight addiction and honor local marijuana laws.

Additionally, CPEAR emphasized a recent survey that found more than 60% of Republicans are in favor of congressional legislation that preserves states’ autonomy to enact cannabis regulations. The bipartisan appeal of the STATES 2.0 Act is highlighted by this broad support.

The momentum in favor of federal marijuana policy reform is growing, and marijuana companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) can believe that change is likely to come sooner rather than later.

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420 with CNW — Impact of Federal Marijuana Reclassification on State-Level Programs Remains Unclear

A proposal put forth by Merrick Garland, U.S. Attorney General, calls for a relaxation of federal laws prohibiting marijuana. However, this move does not imply the federal government’s endorsement of medical or recreational marijuana use in the numerous states where it has been legalized.

Shifting cannabis from its current classification as one of the most hazardous and least beneficial substances to a less severe category indicates a desire within the federal government, particularly under Biden’s administration, to alleviate restrictions on a substance that has gained legality in an increasing number of states over the past decade. Over the years, federal authorities have refrained from targeting state-legal cannabis activities, and this recent proposal seems to reinforce that stance. Nonetheless, it fails to resolve the complex issues arising from the disparity between federal and state regulations.

The specifics of the rescheduling remain uncertain, as the U.S. Department of Justice (DOJ) has not disclosed Garland’s proposal details. Even if made public, the proposal is subject to modifications during the rulemaking process, which spans several months.

Here are some key considerations regarding what is currently known about the potential impacts of rescheduling:

Q: Is marijuana currently legal?

A: No. Despite legalization in certain states for adult use, federal law would likely still deem state systems illegal. State-legal medical cannabis dispensaries don’t meet the criteria for Schedule III drugs regulated by the U.S. Food and Drug Administration (FDA).

Q: What distinguishes Schedule I from III?

A: One significant difference is the acknowledgment of potential medical value. Schedule I substances, such as LSD and heroin, are deemed to have no medicinal use, hindering research efforts. On the other hand, Schedule III recognizes some medical benefits, offering prospects for improved research opportunities.

Q: How are states getting ready for rescheduling?

A: State regulators are awaiting further details before acting. While some anticipate eased restrictions on marijuana research, others consider potential implications for state-legal businesses, such as eligibility for tax deductions.

Q: Why is research important?

A: Limited research due to restrictions has impeded efforts to demonstrate cannabis’s benefits, hindering policy decisions and industry guidelines.

Q: What implications does rescheduling have on criminal justice, tax and banking policies?

A: While rescheduling alone is unlikely to address various concerns, such as tax deductions and access to banking services, advocates hope it will catalyze broader changes, including addressing social-justice issues.

Q: Could a future administration reverse this decision?

A: While possible, there’s no indication of such intentions. The fate of rescheduling could depend on the outcome of future elections and subsequent policy shifts.

Companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) will be waiting on the U.S. Drug Enforcement Administration to announce its reclassification decision and the commencement of the next rulemaking steps to ascertain what the strategic direction for cannabis businesses may be going forward.

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420 with CNW — Politicians Tout Cannabis Policy Reform Progress as 4/20 Celebrations Take Place

Lawmakers from various states in the United States joined in the celebration of the 4/20 cannabis holiday on Saturday, April 20, 2024, adding their support to the growing movement for cannabis reform. While this day has traditionally been a time festivities within the marijuana community, it has also become a platform for politicians to advocate for further reform, reflecting the increasing bipartisan backing for the issue.

In the lead-up to 4/20, members of Congress and advocates intensified their efforts to promote reform. This included calls for full legalization and proposals to enable banks to engage with state-regulated cannabis businesses. Representative Earl Blumenauer, cochair of the Congressional Cannabis Caucus, expressed optimism that this year’s 4/20 could mark a turning point in marijuana policy.

Across the country, lawmakers seized the opportunity to discuss cannabis policy, highlighting the significant shift in public perception from viewing marijuana as a taboo subject to recognizing it as a normalized aspect of society.

President Joseph Biden emphasized the need to end the imprisonment of individuals for marijuana possession, acknowledging the disproportionate impact on lives, while Vice President Kamala Harris echoed this sentiment, advocating for a shift in the nation’s approach to cannabis and reforming the justice system.

Senate Majority Leader Chuck Schumer emphasized the importance of reintroducing the Marijuana Administration and Opportunity Act, aiming to end the federal prohibition on marijuana and address the harms of the drug wars. Representative Nancy Mace highlighted the widespread public backing for responsible marijuana reform and urged Congress to prioritize the preferences of their constituents. She advocated for the States Reform Act, which empowers states to lead marijuana reform efforts while safeguarding veterans and children.

Other lawmakers, including Representatives Cori Bush and Pramila Jayapal, called for the decriminalization and legalization of cannabis, emphasizing the need to redress the disproportionate impact of the war against drugs on marginalized communities.

Meanwhile, New Jersey Governor Phil Murphy celebrated the second anniversary of adult-use cannabis sales in his state, highlighting the growth of dispensaries and the positive impact on the local economy.

This year’s 4/20 festivities coincide with heightened anticipation regarding potential federal marijuana reform, as the U.S. Drug Enforcement Administration, under President Biden’s directive issued in 2022, is currently reviewing marijuana rescheduling. There is speculation that the DEA may recommend moving marijuana from Schedule I to III of the CSA, a move that would not federally legalize cannabis but is nonetheless eagerly awaited by industry stakeholders, including major cannabis companies such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF), since that rescheduling is expected to have major ramifications for the trajectory of the industry.

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