The American drug policy is about to witness a paradigm shift as the United States Drug Enforcement Administration (DEA) is about to reclassify marijuana.
Background Details
The authorities have classified marijuana as a Schedule I drug for several years. Substances in this schedule, according to the Controlled Substances Act, include LSD, heroin, and ecstasy. If the proposed development scales through, marijuana will fall under Schedule III. Attorney Mark Sherman of The Law Offices of Mark Sherman, LLC can shed more light on the matter.
If the authorities lessen the regulatory hindrances, researchers and organizations may find exploring new plant technologies and pharmaceutical drug formulations straightforward and less expensive. This will foster the development of novel products associated with marijuana. It will serve as a watershed moment in the federal drug policy.
An Insight into the Scheduling of Substances
The authorities use different criteria to classify toxic substances.
Schedule I substances are drugs with a high likelihood of abuse. They are also not currently acceptable for medical purposes across the US.
They are the most dangerous substances. Thus, the Controlled Substances Act restricts the use of Schedule I substances. The government does not want people to use them flippantly.
Similarly, Schedule II substances are drugs with a likelihood of misuse. However, they are acceptable for medical purposes. Examples of this category are fentanyl and oxycodone.
Conversely, Schedule III substances have a moderate to low psychological and physical likelihood of addiction compared with the first two. You can also use them for medical reasons in the US.
The regulations on Schedule III substances are not strict. However, they are still controlled drugs; the DEA still performs oversight roles on them. They have a smaller risk profile than Schedule I and II drugs.
Controversies on the Classification of Marijuana
Concerned parties have contended with the classification of marijuana as a Schedule I substance for several years. Those who oppose this classification have cited various research outcomes upholding the medicinal uses of the substance.
They opined that this classification had hindered in-depth scientific research into the therapeutic features of marijuana. They also argued that the Schedule I classification has caused several unjust criminal punishments for those holding, distributing, or using marijuana.
Expectations from the Proposal and Implementation Process
Attorney General Merrick Garland submitted the proposal on April 30, 2024. However, it will not immediately affect anything, as the White House Office of Management and Budget (OMB) must review it.
After the OMB signs off, the authorities will publish the proposal for the public to comment on. Then, the United States Drug Enforcement Administration will assess the comments and draft a final rule, considering them. An administrative law judge will review the final draft before publication.
Stakeholders have predicted legal setbacks to the final rule. If this happens, it will further delay the implementation.
What the Proposal Acknowledges
The content of the proposal acknowledges two main factors:
Recognition for Medical Purposes
The proposal acknowledges the medicinal properties of marijuana and its ability to heal certain conditions. Such symptoms include epilepsy and chronic pain. It could promote technological advancements within the sector and serve as a new stream of income.
Acknowledgment of Lesser Likelihood of Misuse
The proposal to reclassify marijuana as a Schedule III substance is a recognition of the fact that it has a lesser likelihood of abuse than other substances in more regulated categories.
The Commercial Impact of the Reclassification
If this proposal holds, it will permit marijuana businesses to offer deductions of normal business costs on their federal tax returns. Currently, marijuana ventures cannot do that based on the provisions of IRS Code 280E. This prohibition has made it challenging for these ventures to make profits.
The reclassification may also douse the tension between some state and federal legislations. Thus, it will ensure the express interstate trading and transport of marijuana. Stakeholders have predicted that this harmonization will open new distribution means and markets for businesses in multiple jurisdictions.
Lawmakers’ Efforts on the Subject
In the same vein, legislators are working assiduously for a solution to complement the United States Drug Enforcement Administration’s proposed rescheduling. Specifically, the lawmakers want to remove marijuana from the Controlled Substances Act and enact the SAFER Banking Act.
These moves intend to level up marijuana’s complex legal landscape. These initiatives could enhance free and open banking operations for cannabis businesses.
Marijuana businesses could have more access to capital after the reclassification, which is one of the industry’s oldest challenges. There is no doubt that this will lead to innovation and expansion.
Conclusion
Even with these changes, cannabis possession, distribution, and use are still complex legal issues in our country. If you have any legal challenges, quickly get a reputable local criminal defense attorney. They know the law and will work around the clock for you to have a favorable outcome.
