A ruling on whether to change cannabis classification to a less dangerous substance in the United States is not expected until after the November election, making it a significant topic in the closely contested presidential race.
Last week, the U.S. Drug Enforcement Administration scheduled a hearing on the proposed changes for Dec. 2, 2024. Given this date, a final decision might not be made until the next presidential administration. Although there’s a chance it could happen before the end of President Biden’s term, marijuana attorney Brian Vicente notes that issuing a decision before Inauguration Day would be a rushed action.
The matter may draw fresh focus to the positions taken by presidential contenders regarding marijuana.
Vice President Kamala Harris has shown support for cannabis decriminalization and expressed disapproval of the drug’s current Schedule 1 listing, where it is classified along with LSD and heroin. Harris’s stance has changed over time, though. She took part in enforcing marijuana laws while serving as California’s attorney general in 2010 and opposed the state’s recreational cannabis legalization.
On the other hand, Donald Trump, the GOP nominee, recently expressed support for a marijuana legalization initiative in Florida, reflecting his growing belief that individuals should not be jailed for cannabis use because it is legal in a majority of states. During his 2016 presidential campaign, Trump supported medical cannabis and suggested that states should decide the legality of cannabis. However, during his term, Jeff Sessions, the then-attorney general, reversed an Obama-era directive that limited federal crackdowns on the cannabis industry in states where it was legal.
Marijuana rescheduling would mark the biggest change to drug policy in the United States in 50 years and might have a significant impact on younger voters. Nonetheless, organizations such as Smart Approaches to Marijuana are against the proposal. Kevin Sabet, president of the organization, contends that insufficient evidence exists to support placing cannabis in the less hazardous schedule 3 category, where it would be placed with drugs such as ketamine.
Sabet stated that the DEA’s decision to hold a hearing was a success in making sure that medical science, not politics, would be the deciding factor. He added that his resistance to the proposal is backed by attorneys general from 18 states.
Rescheduling could enable state-licensed cannabis enterprises to claim federal tax deductions that are presently unavailable to anyone engaged in the trade of schedule I or II substances. Some advocates also hope that rescheduling could push Congress to enact laws that would make it easier for banks to provide services to marijuana businesses. Currently, because of its legal classification, most banks are hesitant to offer financial services to cannabis businesses.
Moreover, rescheduling could also simplify cannabis research, as conducting authorized studies on schedule 1 substances is currently challenging. However, some advocates worry that the debate has become too politicized, with the focus on how rescheduling might impact the industry overshadowing the potential benefits.
All that entities such as Innovative Industrial Properties Inc. (NYSE: IIPR) can do is to wait for the next steps of the rescheduling process to play out so that once the final rule is published, they can determine how the change could impact their business projections.
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