Cannabis Will Be Rescheduled, Now What?

The DEA has announced that it will move forward to change cannabis from a Schedule I drug to a Schedule III drug. Despite the sigh of relief from all of those in the cannabis industry, it will take a few months until this actually takes place. During this time, in classic government form, we will hear the public chime in and countless Republican Senators espousing old news about cannabis use that has proven to be false narratives.

There are multiple ways that this could play out, but the worst is that pharmaceutical companies can now step in. Do I want my gummies made by a pharmaceutical company? I think not. It’s not shocking that pharmaceutical companies are certainly spending their fair share lobbying the government for themselves.

About 9 of 10 adults say cannabis should be legal. That is the highest (no pun intended) number anyone would ever see. 100% would be almost possible in America, so 90% is incredible.

The positive outcome is that 280E, the taxation of cannabis, will change. The taxes weigh heavily on every cannabis business. Many of the public cannabis companies have huge debts on their books due to the taxation of cannabis. This is the best piece of news. How about banking? How about federal legalization? How about research on all the positive benefits of cannabis?

As fantastic as seeing the DEA decide to move into the future, there is a bit of underlying fear of what comes next. The support is publically there; I’m not sure if the support is there at the government level, which is depressing. Taxes are insane, and banking is a bitch.

President Biden should grab this opportunity to do the right thing. He might not partake, but it is time to endorse legal marijuana. It forces immediate change across the industry and pushes the Republicans back on their heels. Banking, taxes, rescheduling, and change are going to happen, so why not do the right thing and endorse legal marijuana? Call Congress and say, send me the paperwork! Come on, Joe!