Federal regulators are moving closer to a key decision on cannabis policy as the DEA prepares to hold a hearing in June on the reclassification of marijuana under national law. The proceedings have already attracted interest from groups on both sides of the legalization debate, highlighting the continuing divide over cannabis reform in the U.S.
Advocacy organizations supporting legalization, including NORML, have officially signaled plans to join the hearing. At the same time, anti-legalization voices such as Smart Approaches to Marijuana are also expected to take part. The event represents another important stage in the long-running effort to reconsider marijuana’s status under the CSA.
While federal officials weigh marijuana policy, hemp operators are bracing for upcoming restrictions tied to THC products. According to the Marijuana Policy Project’s leaders, lawmakers in Congress are unlikely to halt a planned federal crackdown on certain hemp-derived items containing THC, which is expected to begin in November. Although lawmakers could still revise limits surrounding THC content or introduce updated rules for cannabis-infused beverages, industry leaders believe a full rollback is improbable.
The anticipated changes are expected to affect companies that manufacture and distribute hemp products with particular THC levels, creating uncertainty for businesses that have expanded under previous rules.
Beyond Washington, cannabis-related regulations continue to shift across states and overseas. In Connecticut, Gov. Ned Lamont recently approved budget legislation that changes the structure of the state’s marijuana taxation system. Instead of charging taxes based on THC content, cannabis sales will now be subject to a 10.75% excise tax.
Elsewhere, Rhode Island Gov. Dan McKee has selected a new nominee to lead the state’s marijuana commission. Meanwhile, Oregon officials have proposed revisions to the hemp application process, while regulators in Florida are preparing to host a workshop focused on rules governing medical marijuana programs.
Outside the U.S., Nigeria may soon enter the growing list of countries considering cannabis reform. Reports indicate lawmakers there are drafting measures that would permit marijuana use for industrial production and medical treatment, signaling possible market growth across parts of Africa.
Meanwhile, publicly traded cannabis companies continue adjusting to economic pressures. Curaleaf Holdings announced a reverse stock split at a ratio of one share for every three, saying the move could support efforts to secure a listing on a U.S. exchange. In a separate development, TerrAscend Corp. entered receivership proceedings in Michigan over unpaid financial obligations, reflecting ongoing instability in segments of the cannabis business.
The marijuana landscape is very much in flux, and licensed firms like Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) are probably working out how to tweak their strategic plans in order to accommodate the changing realities of the regulatory landscape.
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