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420 with CNW — President Biden Enacts Cannabis Research Bill

U.S. President Joe Biden made history when he enacted the cannabis research bill and signed it into law on Nov. 2, 2022. The law now waits for 60 days for the attorney general to either approve it or ask for supplementary information from the originator of the bill. This new law opens the gates for further extensive research on marijuana to be done.

The use of cannabis is prohibited federally in the United States except for FDA-approved research. Specific states have, however, enacted legislation permitting the plant or its derivatives for research, medical, industrial and or recreational purposes.

President Biden still stands opposed to the legalization of cannabis. However, he has campaigned on several platforms for reforms of marijuana, including promoting research, decriminalization, more modest reforms to marijuana laws and rescheduling cannabis under the Controlled Substances Act (CSA).  This also comes hot on the heels of a mass pardon for Americans who have been convicted for being in possession of cannabis. This clemency has been viewed by the White House as one of the top accomplishments of the president.

For some years, the federal government has blocked the way of science due to stringent conditions researchers have to meet before being cleared to begin studying cannabis. But after years of lobbying and negotiations, the bill has finally been enacted, said Senator Dianne Feinstein in a tweet. Feinstein is hopeful that this will open up rigorous and critical research that will enable medical personnel to help millions of people needing drugs derived from cannabis.

The medical fraternity agrees that there is a need for more extensive research to be done in order to learn cannabis’ health benefits and give the masses other treatment options. This law removes barriers that had previously inhibited researchers.

Notably, the law does not provide a free pass for the researchers to access cannabis from state-approved or state-owned dispensaries for research purposes. The law has also encouraged the Food and Drug Administration (FDA) to develop cannabis-derived drugs while the Drug Enforcement Administration has to approve applications from manufacturers of drugs derived from marijuana and the same drugs are FDA-approved under the bill. Manufacturers also get a reprieve as the law allows for the importation of cannabis derivatives and materials to facilitate research.

The DEA in recent years has approved new marijuana cultivators for the purposes of studies while the National Institute on Drug Abuse published a solicitation for applications for authorized growers as it looks for contractors to supply the agency with cannabis for the purposes of research.

The Department of Health and Human Services is keen on learning about the health benefits versus the risks of cannabis. And, as more people take up the home cultivation of medical marijuana, entities that focus on making indoor cultivation equipment, such as Advanced Container Technologies Inc. (OTC: ACTX), are likely to expand their footprint across the nation.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

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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