Cannabis industry leaders in Washington State are contemplating the implications of reclassification for researchers and local customers. President Joe Biden disclosed in May that the U.S. Department of Justice (DoJ) was considering a substantial change to the classification of cannabis. The U.S. Drug Enforcement Administration (DEA) currently classifies marijuana as a schedule I substance, classing it with methamphetamine and heroin. This classification suggests that there is little to no medicinal benefit to marijuana.
The Biden administration’s proposal suggests moving marijuana to a less severe schedule 3 status, indicating a lower potential for abuse or addiction.
Dr. Susan Ferguson, director of the University of Washington’s Addictions, Drug and Alcohol Institute, noted that the change cannot come fast enough. Ferguson and her team have faced challenges due to what they view as outdated federal cannabis regulations. Currently, Ferguson’s lab is studying the effects of marijuana on mice to explore nonaddictive treatment options, which could potentially lead to breakthroughs in conditions such as epilepsy. Unfortunately, the quality and quantity of cannabis available for research is quite low due to the federal scheduling of marijuana.
On the other hand, critics highlight the risks of addiction and the increasing prevalence of Marijuana Use Disorder, particularly among teenagers. Ferguson acknowledges these concerns but argues that research is essential for achieving medical advancements.
While many in the industry support relaxed federal restrictions, some worry about the consequences. Marijuana store owners, for instance, could benefit from being able to make tax deductions under more lenient federal rules, but some fear that large corporations will eventually dominate the market, pushing out smaller retailers.
Ryan Kunkel, an early pioneer in Washington’s cannabis retail business, has already seen these challenges firsthand. At the height of his career, Kunkel’s company, Have a Heart, held 22 licenses across six states. Now, he’s exiting the business, having sold many of his stores. Today, he only operates a few locations in the Seattle area. “In due course, marijuana will be offered for sale in grocery stores and other establishments alongside tobacco and alcohol,” said Kunkel.
Despite these concerns, Kunkel believes that reclassifying marijuana at the federal level could lead to lower prices for users.
An unprecedented 43,000 remarks were made in the public comment period about the DEA’s rescheduling proposal. The comment window closed on July 22, 2024, but there is still no definitive timeline for the DEA’s final ruling. An administrative hearing is scheduled for Dec. 2, 2024, which may delay any conclusive action until 2025.
This ongoing rescheduling process isn’t only being awaited by companies in Washington State. Even entities in other jurisdictions, such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON), are also waiting for the final rule so that they can ascertain how their operations and plans could be impacted.
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