Moving cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA) could have significant implications for medical cannabis recommendations by doctors and potential insurance coverage for marijuana treatments. Currently, doctors refrain from prescribing state-regulated medical cannabis due to the risk of losing their licenses given that it lacks approval from the U.S. Food and Drug Administration (FDA).

Even if the Drug Enforcement Administration (DEA) reschedules cannabis, the prohibition on doctors prescribing state-regulated medical marijuana (MMJ) products would persist. Nevertheless, doctors could continue to recommend non-FDA-approved cannabis products to individuals seeking MMJ cards, allowing them to register as marijuana patients in their states.

Moving cannabis to Schedule III would enable doctors to prescribe FDA-approved marijuana medicines. This would align with the current practice where physicians are authorized to prescribe Schedule III substances, such as Tylenol with codeine, only if they have FDA approval.

Leah Sera, codirector of the University of Maryland’s Graduate Studies in Medical Marijuana program, highlighted that physicians prescribing Schedule III substances would be a substantial change. However, she warned that the scope may not be as extensive as the current dispensary offerings. FDA approval would still be necessary, requiring marijuana drugs to undergo the approval process before prescription, sale and dispensing in pharmacies.

Rescheduling might stimulate increased research and development of marijuana-based drugs. However, the lengthy FDA approval process means that prescriptions for new cannabis-related products could be years away, according to Justin Brandt of the Bianchi and Brandt law firm.

Sera notes that while rescheduling won’t permit doctors to prescribe medical cannabis from state-licensed dispensaries, it could positively impact their attitudes toward the substance. “Rescheduling might not directly allow prescriptions for state-licensed dispensary products, but it could foster informed discussions between medical providers and patients about marijuana and its potential benefits and risks,” she stated.

Attorney Eric Berlin, an attorney at Dentons Law Firm, states that moving marijuana to Schedule III could also render FDA-approved cannabis products eligible for insurance coverage. Currently, insurance covers only FDA-approved drugs.

However, there are exceptions, as some states such as New York, New Mexico, New Jersey, New Hampshire, Minnesota and Connecticut allow workers’ compensation reimbursement for medical cannabis. In contrast, others do not obligate insurance carriers to reimburse for medical marijuana costs. Some states, such as Massachusetts, outright prohibit insurance coverage for medical cannabis.

Julie Schum of the Quintairos, Prieto, Wood and Boyer law firm noted that insurers might find covering medical marijuana more cost-effective than opiates since at least 30% of worker’s compensation claims involve opiate prescriptions. Such a decision would lead to a lot more insured people opting for medical cannabis products from enterprises such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) if they were sure insurance would cover the cost.

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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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Last week, the governor of Ohio urged legislators to revise the state’s cannabis legalization law before adult possession and cultivation became legal in December. The measure in question, Issue 2, was approved by voters a few days prior.  Gov. Mike DeWine appealed to GOP leadership in the legislature to amend provisions that would limit public consumption, alleviate risk of impaired driving and restrict advertising.

The governor has already scheduled a meeting with House Speaker Jason Stephens and Senate President Matt Huffman to discuss how to address what he terms as “holes” in this statutory measure.  In his statement, the governor stated that while individuals could now smoke marijuana having been afforded the right to by the initiative, other individuals had a right to not be exposed to the smell of marijuana.

Both Stephens and Huffman have already talked about their independent interests in amending the marijuana law, centering on tax policy and limits of THC. The approved measure, Issue 2, already contains restrictions on the consumption of marijuana in public as individuals are prohibited from smoking cannabis in places where the smoking of tobacco is not allowed.

The governor’s aim may be to clarify or expand the law’s provisions on consumption, which needs to be done soon, given the limited time remaining to act on this before the legislation takes effect.

Some believe that this move does not respect the will of the voters, however, with Coalition to Regulate Marijuana Like Alcohol spokesperson Tom Haren noting that he couldn’t believe elected officials weren’t respecting the outcome of an election.

The coalition is focused on establishing regulatory frameworks to allow individuals aged 21 years of age and older to grow, possess and buy marijuana in Ohio. Haren added that every voter in the state of Ohio had a right to expect that elected officials would respect and implement their will.

This sentiment was also echoed by Representative Casey Weinstein, who sponsored the bipartisan legalization measure and championed for marijuana reform in the legislature. Weinstein stated in a recent interview that voters in Ohio were very clear at the ballot, noting that legislators needed to heed the call and uphold the will of the voters.

Following the resolution’s approval, the Ohio Department of Commerce published an FAQ guide for residents to learn about the new law and timeline for implementation. However, regulators continued to emphasize that the policies may be subject to change depending on how the legislature acts.

Regardless of the final form that the legalization law takes, Ohio entrepreneurs could finally have a chance to start and run recreational marijuana companies that grow to reach the level of entities such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) that are thriving in other legal marijuana markets.

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The National Institutes of Health’s (NIH) National Cancer Institute has allocated $3.2 million to fund a study exploring the impact of marijuana use on cancer patients undergoing immunotherapy treatment. The grant, announced by the University of Buffalo (UB), aims to conduct a comprehensive yearlong examination of how cannabis use by cancer patients affects their response to conventional cancer treatments. Specifically, the study focuses on patients undergoing immunotherapy, a treatment known for its reduced side effects compared to chemotherapy.

Speaking at a National Academies of Sciences, Engineering, and Medicine (NASEM) meeting last month, an NCI representative expressed the organization’s desire to support studies looking into the potential benefits of cannabis use in cancer treatment. He stated that while the majority of oncologists have discussed marijuana use with patients, comparatively few were well-informed about the subject.

The study will be a collaborative effort between UB, Oregon Health and Science University, and Thomas Jefferson University. It will be conducted in three separate locations, with each site enrolling 450 cancer patients undergoing immunotherapy treatment.

Studies conducted by UB indicate that approximately 40% of cancer patients turn to marijuana as an option to alleviate pain, enhance their mood and improve sleep quality. Nevertheless, despite cancer and its treatments being qualifying conditions in a majority of states where recreational or medical marijuana use is legal, there is a paucity of long-term studies examining the potential benefits and drawbacks of marijuana use for individuals undergoing immunotherapy.

Lead researcher Rebecca Ashare expressed the need for rigorous research in this domain, stating that although some cannabinoids are known for their anti-inflammatory properties, which can be advantageous in mitigating pain, they may also exert a suppressive effect on immune function.

To conduct the study, the research team will divide the participants into two groups: marijuana users and nonusers. Over the course of one year, the researchers will analyze blood samples, patients’ outcomes and medical records at six separate intervals. The grant will also facilitate a study into the impact of neighborhood disparities on outcomes related to immunotherapy and marijuana use.

Ashare stated that the overarching goal is to significantly impact cancer-symptom-management science and ultimately improve patient care and safety. It will draw upon the collective expertise of a multidisciplinary team well-versed in various domains, including health equity, cancer symptom management, medical marijuana, oncology, substance misuse and immunology.

This study could be of great interest to marijuana businesses such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) because the outcome is likely to provide more information about how cancer patients undergoing immunotherapy can best benefit from medical marijuana.

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The Bank of America, MasterCard and the National Rifle Association are among a group of institutions that have disclosed lobbying activities related to legislation that would grant the cannabis industry access to banking services. Despite generating billions of dollars in sales, America’s state-legal cannabis industry has had no access to financial services for most of its existence.

Cannabis businesses cannot access financial aid, and they are forced to operate on a cash-only basis, making them prime targets for criminals looking for liquid assets to steal.

After lawmakers failed to advance cannabis banking past the U.S. Senate several times, an amended version of the bill titled the Secure and Fair Enforcement Regulation (SAFER) Banking Act has gained bipartisan support and has a high chance of reaching President Joe Biden’s desk.

The three institutions recently included the SAFER Banking Act in their lobbying disclosure for Q3 2023. This measure would finally allow financial institutions such as banks to serve state-legal cannabis businesses without fear of reprisal from federal authorities. The measure was recently subject to a historic vote at the Senate Banking Committee, representing the first time the U.S. Senate addressed cannabis banking legislation. Although the bill’s previous iteration passed the House multiple times, it failed in the Senate each time.

While the Bank of America has disclosed lobbying activities for both the SAFE Banking Act and the SAFER Banking Act, which recently received the Senate’s approval, the National Rifle Association (NRA) has only disclosed lobbying activities related to the SAFER Banking Act. Since neither institution has discussed its position on the legislation, it still isn’t clear if they intend to lobby against or in favor of cannabis banking legislation.

Even so, we can use their past positions on the controversial drug to surmise whether they will lobby for or against expanding the marijuana industry’s access to financial services.

The Bank of America has shown interest in the cannabis industry in recent years, with Bank of America Merrill Lynch initiating equity research coverage for Canadian cannabis companies in 2019.

While the National Rifle Association hasn’t expressed an official stance on cannabis, former NRA president David Keene has noted that federal restrictions that criminalize Americans for medical marijuana use are causing major issues. The former president said in a 2018 op-ed that the dissonance between federal and state cannabis laws was creating significant problems for gun owners across the country.

MasterCard is actively lobbying in support of the SAFER Banking Act and lobbied for cannabis banking in 2019 and 2020.

These efforts are a welcome development to marijuana enterprises such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) that are invested in seeing marijuana policies reformed not just at state level but preferably federally.

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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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Five former White House drug chiefs and six former heads of the U.S. Drug Enforcement Administration (DEA) have warned the Biden administration that rescheduling marijuana would “supersize” the country’s cannabis industry. The former White House drug czars and DEA heads sent current DEA administrator Anne Milgram and Attorney General Merrick Garland a letter stating their opposition to the U.S. Department of Health and Human Services (HHS) recommendation that the DEA reschedule marijuana.

The HHS made the recommendation in August, nearly 11 months after President Joe Biden ordered the health agency to begin a review of marijuana’s federal status. Federal law currently classifies cannabis as a Schedule I drug with an incredibly high potential for abuse and no accepted medical use, similar to drugs such as heroin and cocaine.

Given that a multitude of studies have proven that cannabis does have medical applications and dozens of states have legalized the plant for medical use, President Biden and the HHS believed a review of cannabis was in order. However, a letter sent to the DEA administrator and the U.S. attorney general noted that moving cannabis from Schedule I to Schedule III would have the potential to supersize America’s cannabis industry through the provision of tax relief and normalize the market even further.

Furthermore, the letter noted that rescheduling cannabis and limiting criminal penalties for trafficking would eliminate a crucial tool used by federal agents to prosecute drug cartels.

That claim is contested by legal experts who point out that marijuana trafficking penalties aren’t tied to the controversial plant’s federal status under the U.S. Controlled Substances Act (CSA). Cannabis trafficking penalties are typically based on weight, resulting in stiffer penalties for individuals who traffic large amounts of cannabis. As such, federal drug policy attorneys such as Shane Pennington say it is unlikely that rescheduling cannabis would also reduce penalties for trafficking offenses.

Some scholars say rescheduling cannabis at the federal level would have an impact on criminal penalties under the Controlled Substances Act. If the DEA does reschedule cannabis, prosecutors and judges would have the discretion to impose lower penalties for cannabis-related offenses like trafficking.

The letter to the DEA administrator and attorney general also says that rescheduling the drug would provide an opportunity for businesses to avoid IRS Section 280E and deduct business expenses, resulting in a supersized industry.

All that the cannabis industry, including major enterprises such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), hope is that federal marijuana policy is revised to let the industry operate as freely as actors in other sectors.

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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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The Florida Supreme Court has set dates for oral arguments in a case that will determine if a state cannabis legalization measure appears on the 2024 ballot. Both the Smart & Safe Florida campaign, which sponsored the cannabis legalization proposal, and the state attorney general have spent the past few months sending briefs to Florida’s Supreme Court.

Florida Attorney General Ashley Moody filed a challenge against the proposal and called for its invalidation on the grounds that it is misleading. She argued in her challenge that the measure was ‘”effectively misleading” because it doesn’t explicitly state that marijuana will still be illegal under federal law even if Florida amends its law to legalize the plant.

While the Smart & Safe Florida campaign noted that it was incredulous to think any American was unaware of marijuana’s controlled status at the federal level, the attorney general’s office argued that most Americans are too ignorant of state and federal policies to know. Furthermore, Moody’s office said the proposal was written in a way that would provide an unfair advantage to marijuana company Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), the campaign’s primary financial backer.

The challenge claimed that the proposal’s ballot summary was misleading in subtle but influential ways, stating that Truelieve was inviting millions of Florida residents to join in its “reckless violation of federal criminal law” in its pursuit of larger markets and bigger profits.

Moody said the measure was also “duping voters” by saying it would increase cannabis retailers in the state when it would only authorize the expansion of the state’s cannabis retailer base, no doubt hoping to appeal to Floridians who were interested in accessible medical marijuana treatment centers.

A brief from the Drug Free America Foundation noted that the measure was in positive conflict with federal law and violated the U.S. Constitution’s supremacy clause, which states that federal law generally supersedes state laws and constitutions. Furthermore, the Florida Chamber of Commerce submitted a brief to the state Supreme Court noting that the cannabis legalization proposal was in constitutional violation of the single-subject rule for ballot proposals. The Chamber of Commerce also supported Moody’s argument that the ballot’s title and summary language were misleading.

On the other hand, Smart & Safe Florida and cannabis reform supporters argue that Floridians should have the chance to decide on cannabis reform after they submitted close to a million certified signatures.

The Supreme Court has scheduled the next hearing for key arguments and responses from the attorney general and Smart and Safe Florida to Nov. 8, 2023.

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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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A campaign behind a UK-based study to research the effects of marijuana use on the brain is struggling to recruit Black and Asian volunteers who smoke cannabis regularly. The lack of adequate representation in the volunteer pool has raised concerns that the study’s findings would not be truly representative of the United Kingdom’s population.

With £2.5m ($3.04 million) in funding, the King’s College London study seeks to understand how cannabis use can lead to psychosis and paranoia in some users but have no such effects in other users. Findings from the upcoming study could open the door to expanded therapeutic use of cannabis and increase the safety of illicit recreational cannabis use.

But while White people have volunteered for the study in relatively large numbers, few Asian and Black cannabis users have volunteered for the study. After 18 months of working to build a 3,000-strong pool of marijuana users from the London Area, the “Cannabis and Me” campaign still needs to recruit hundreds more Asian, Caribbean and Black people.

Understandably, these two communities have met attempts to collect data about illicit drug use with suspicion and distrust. A 2021 analysis by the Liberal Democrats found that Black people in the UK are around 12 times more likely than White people to be arrested and prosecuted for marijuana possession.

Former police chief and the Liberal Democrat’s House of Lords home affairs spokesperson Brian Paddick said at the time that law enforcement’s focus on marijuana possession was undermining the Black community’s confidence and trust in the police. Asian and Black people also have an 11.8 cannabis possession conviction rate compared to White people, at 2.4 times even though they have lower self-reported rates of cannabis use.

Furthermore, Black people in the UK cumulatively make up a quarter of all cannabis possession convictions even though they make up less than 4% of the country’s population.

The two communities’ unwillingness to participate in the cannabis study points to a deeper issue in research science: Black people and other ethnic minorities have little representation in clinical research. This underrepresentation was especially present in clinical trials for coronavirus vaccines even though the pandemic had a significantly larger impact on minorities such as Asians and Black people.

Marketing consultant and head of the campaign’s recruitment drive William Gadsby-Smith says that for people who have had their trust in the government and law enforcement eroded by years of corrupt and racist police, saying no to participating in such initiatives is extremely easy.

An advocacy group based in Brixton that tackles racism in the UK’s legal system called Unjust refused to help the campaign recruit participants from minority groups. According to Unjust’s founding director Katrina French, the study’s findings on cannabis and psychosis could potentially lead lawmakers to expand cannabis criminalization among Black males while ignoring the effects of cannabis prohibition.

The fact that licensed companies such as Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) are permitted to operate in certain jurisdictions in the world doesn’t mean that all forms of prohibitionist policies were rolled back. The struggle for an end to prohibition is an ongoing process, and the reluctance of Blacks to enroll for the study above is testament that more still needs to be done.

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

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

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

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

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

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

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

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

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

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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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Trulieve Cannabis (CSE: TRUL) (OTCQX: TCNNF)is a leading medical cannabis company in the state of Florida, capturing a 51% share of Florida’s cannabis market. Operating a vertically-integrated “seed-to-sale” model, Trulieve controls a network of 55 stores in Florida in addition to 57 stores nationwide through which it markets and distributes its wide range of more than 500 individual products. Over the past year, the company has taken steps to broaden its geographical footprint, announcing the purchases of licenses in California and Massachusetts while also opening a cannabis dispensary in the state of Connecticut.

Kim Rivers, CEO of Trulieve, will be delivering a keynote address during the Benzinga Cannabis Capital Conference.

To learn more about Trulieve Cannabis, visit https://www.trulieve.com/

For registration information and further details on Benzinga’s Cannabis Capital Conference, visit https://www.benzinga.com/events/cannabis/detroit/

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