Cannabis rescheduling in the U.S. could reshape scientific research and parts of the industry, though key questions remain about how the change will be carried out.
Under a final rule issued by the Office of the Attorney General, federally approved drug products containing marijuana would be placed in Schedule III of the CSA. This represents a significant change from the current Schedule I status, a category reserved for substances considered highly dangerous and lacking accepted medical use. Moving cannabis into Schedule III places it alongside drugs such as ketamine and codeine, signaling recognition of its therapeutic potential.
Researchers say the adjustment could ease some of the strict requirements that have long complicated cannabis studies. Daniele Piomelli, a professor of anatomy and neurobiology at the University of California, Irvine, noted that Schedule I classification comes with extensive security and documentation rules. Even small quantities used in experiments must be stored under tight controls, adding both cost and administrative burden.
With a Schedule III designation, those constraints would not disappear entirely, but they would likely be reduced. Scientists would still need approvals from the FDA and oversight from institutional review boards before conducting clinical trials. However, the process could become more manageable, potentially accelerating research efforts.
The policy change does not address recreational marijuana use, nor does it apply to synthetic cannabis products. States would continue to set their own laws, and many already allow cannabis use in some form. Currently, recreational use is legal in nearly half of U.S. states, while medical use is permitted in a larger majority.
Experts caution that the real impact will depend on how federal agencies implement the new classification. Piomelli noted that if the updated rules make it easier for researchers to access cannabis for study, it could lead to meaningful scientific progress. Still, he expressed uncertainty about whether regulators will adopt a research-friendly approach.
The DEA is expected to hold a hearing on June 29 to gather input on broader reclassification. Officials say the goal is to evaluate evidence and expert opinions on whether marijuana should formally move to Schedule III.
Supporters argue that the change could expand medical knowledge and improve patient care. Acting AG Todd Blanche recently said the move would encourage more precise and thorough studies into cannabis safety and effectiveness, helping doctors make better-informed decisions.
Beyond research, the reclassification could have economic consequences. Cannabis businesses have long faced financial hurdles because federal law treats marijuana as illegal. This has limited access to banking services and imposed strict tax rules. Under current regulations, many cannabis companies cannot claim standard deductions, resulting in high effective tax rates.
A Schedule III designation could change that. Riana Durrett, who leads the Cannabis Policy Institute at the University of Nevada, said the move may open the door to banking, interstate commerce, and even international trade for medical marijuana products. It could also ease tax burdens, allowing businesses to operate under conditions more similar to other industries.
Even so, both Piomelli and Durrett stress that reclassification is not the same as full legalization. They describe it as one step in a gradual process that has been unfolding for decades. While opinions on cannabis remain divided, there is growing acknowledgment of its medical applications and broader societal role.
For now, the pace of change appears steady but slow, with further developments likely to depend on regulatory decisions in the months ahead. Those anticipated changes will not only be important to marijuana firms but also to ancillary entities like Innovative Industrial Properties Inc. (NYSE: IIPR).
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