Biden

Federal Government To Reschedule Cannabis

Published

1 year ago

August 30, 2023

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Bloomberg News has obtained a letter from a Department of Health and Human Services (HHS) official recommending the US Drug Enforcement Administration (DEA) reclassify cannabis from a Schedule I to a Schedule III controlled substance under federal law. Yes, at least, the federal government to reschedule cannabis.

Finally Biden is delivering on a commitment he made during his campaign and early in his tenure, the administration has finally forward at a time when the conversation about marijuana has become mainstream.

Study Finds Most Canadians Positive On Pot, But Wished They Were Better Informed

Rescheduled to schedule III would be monumental for state-legal cannabis businesses. Although rescheduling would not federally legalize the state-legal programs, it would eliminate the 280E tax burden that currently applies to such businesses. It could also expand research on—and access to—cannabis-based medicines.

This comes at a time with the cannabis industry is struggling from emerging from the black market and converting to a mainstream industry. New York and California have significantly hampered the industry with the inept oversight including a boom for over 1,500 unlicensed dispensaries in NYC alone.

Marijuana use is at an all time high and younger people are drifting away from alcohol and moving to weed. Recently, three northeast states announced record sales. Massachusetts reached a record $157+ million last month. This was their third month with hefty growth. Maine retailers sold $20.8 million in cannabis in July, and tiny Rhode Island did $9.5 million. Consumer demand grows while oversight is lacking.

Dated August 29th, the memo requests the Secretary of Health and Human Services and the Attorney General to initiate the administrative process to review expeditiously how marijuana is scheduled under federal law.

The HHS recommendation now goes to DEA, which will conduct its own scientific review. In the past, the DEA has employed its own five-factor test (which differs from HHS’ criteria) to determine whether or not cannabis ought to be rescheduled. The HHS recommendation now goes to DEA, which will conduct its own scientific review. In the past the agency has determined that cannabis failed to meet any of its five criteria. With 40 states having approved medical marijuana and most major medical universities doing some time of research involving cannabis it would be hard.

In general, Schedule III controlled substances, like anabolic steroids and weight loss supplements are FDA-approved drugs that are uniformly regulated by the federal government and are only legally available by prescription. This would mean medical marijuana would have stricter guidelines, which would make it easier for physicians to understand how it can used on a consistent base with correct dosages. The medical community would more comfortable with the FDA treating it similar to prescription drugs, aspirin, and other over the counter medications.

Ultimately, an administrative law judge would consider the entire record and issue a decision, which is really a recommendation that the DEA Administrator considers for its Final Order, which can be challenged in court. There is a chance, however, that the DEA would issue the rule without the notice and comment period, relying on its authority to reschedule directly to comply with the Single Convention. Accordingly, rescheduling could take months or could be final within weeks.

Today was an early move in possible federal legalization.

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Biden

Does Marijuana Have Any Sway In The Election

Published

3 weeks ago

October 28, 2024

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Since 2016 cannabis has began slowly legalizing across Canada and the US. Recent research says almost 90% believe it should be legalized. Additionally, California Sober has become a thing, beer sales have flattened and even AARP has joined esteemed medical organizations saying cannabis should be recognized for the health benefits. States are reaping huge tax revenue, but the industry is still struggling without some type of federal recognization. But does marijuana have any sway in the election?

Top concerns of voters include the economy, healthcare, the Supreme Court and abortion, with over 60% of voters considering them very important. And although cannabis consumers use is generally seen more of a democrat habit than republicans, a number of repubicans are fans. Some larger influencers in the industry have been staunch supporter of the GOP nominee. A recent poll found 42% of Republicans and GOP-leaning independent favor legalizing marijuana for both recreational and medical compared with 72% of Democrats. Florida governor Ron DeSantis is struggling to prevent an expanded cannabis ballot initiative passing in Florida. But do voters really consider marijuana when choosing?

While the industry is full of bros who believe they have influence over the election and congress, the numbers don’t add up. It isn’t a make or break issue for most voters. Biden delayed any action on marijuana, despite his promise in 2020, until the last part of this term. Because of this, even if he manages to push things through with the Drug Enforcement Administration, it will be 2025 before any help comes. The GOP nominee’s has come out in support of the Florida initiative against his old foe DeSantis, but leaders in his party are against any legal form of marijuana. House Speaker Mike Johnson (R-LA) has made it very clear cannabis is a no go.

A recent YouGov poll revealed , voters trust the Democratic nominee to handle cannabis laws (27 percent), compared to the GOP candidate (20 percent). But more Trump supporters say marijuana issues are important them (17 percent) than Harris supporters (11 percent). It could mean older conservative believe the GOP will reverse marijuana trends.

The good news is alcohol is a major partner of cannabis having invested over $13 billion in the industry, and they have a longer term relationship with Congress. Constellation, one of the largest players of spirits, wine and beer, made $22 billion in revenue last year compared to the $33 billon the entire marijuana raked in.

Does the industry have a say in the election, absolutely via support, donation and campaigns. But on average, marijuana is not a major issue for most voters.

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ALL the SMOKE

Kamala Harris’s Evolving Take On Legalizing Cannabis

Published

1 month ago

October 16, 2024

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Presidential candidates relationship with the marijuana industry has involved – now she wants to deliver the winning goal.

The cannabis industry has been nervously waiting for some federal action to let the industry move to the next level. While consumer use is growing and taking a bite out of the alcohol industry, federal resections have put a significant hold on the profitability and growth of cannabis. President’s Biden made a promise to support the industry in 2020, but waited until 2023 to make a move with no noticeable action taking place until 2025. The Drug Enforcement Administration (DEA) is making an announcement on rescheduling in the first part of December, after the election. House Speaker Mike Johnson (R-LA) has leaned in the DEA not to reschedule and made it clear he firmly opposes cannabis. This would go against all precedents as both the Food and Drug Administration and Health and Human Service has said it should be done.

There will be a new president and a new set of rules in December, and the DEA will be watching the political winds. So what is Kamala’s Harris Take on legalizing cannabis? With almost 90% of the country believing it should be legalized in some forms and groups like the American Medical Association, AARP, and the American College of Physicians supporting it, it is not a hot pototo, except for a few in power.

marijuana legalization — Photo by Alexander Sanchez/Getty Images

The latest take is Harris proposed legalizing marijuana nationally for recreational use and ensuring Black entrepreneurs have access to the growing cannabis industry. She made the announcement while in California. She has become the first sitting vice president to encourage legalizing it and has become a public champion. This is more open and aggressive than the current Biden administration’s approach. During a wide-ranging conversation on the podcast “All the Smoke” with former NBA stars Stephen Jackson and Matt Barnes, Harris expressed her belief that marijuana should be legalized.

Harris stated, “I believe we have reached a moment where it is crucial to recognize that we need to legalize it and cease the criminalization of this activity.” She emphasized her conviction that individuals “should not face incarceration for using marijuana”

Harris has been critical of the current federal classification of marijuana. During a White House roundtable, she pointed out the absurdity of cannabis being considered as dangerous as heroin and more dangerous than fentanyl under current law. During her 2020 presidential campaign, she expressed support for marijuana legalization and admitted to having used it herself in the past. This shift from her earlier career as a prosecutor demonstrates a changing perspective on cannabis policy.

The $23+ billion industry is full of mom and pop businesses. Democrats have been traditionally been more of ally to the industry. Republican blocked SAFE Banking for 7 times and then the GOP Speaker coup ended any chance for movement last year. Some marijuana industry leaders don’t have faith in Biden or Harris, but the congressional GOP has not be the support to cannabis and the other party.

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Biden

Consumer Use Sets Records On Cannabis!

Published

2 months ago

September 17, 2024

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The speed of cannabis mainstreaming is setting records.

Since the first state went legal in 2016, consumers have moved to legal marijuana. Now, with over 50% of the country having access to it, things are starting to change. And consumer use sets records on cannabis as all ages are starting to consume and consume more. States who have full legal cannabis are bringing in more revenue from marijuana than alcohol. All fueled by consumers.

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The newest record is Michigan, a solid mid-western state. In the first year of it being available to the public, the state had $1 billion in sales. Now, the Great Lakes State sets record with $295+ million in monthly marijuana sales. And it isn’t what you think, while it is being used to relax, it is also being used for its medical benefits. Boomers, the generation who helped promote the War on Drugs, has turned to it for the medical benefits of managing inflammation, chronic pain, insomnia, and more. And their grandchildren in Gen z are using it to combat anxiety. There generation has the highest amount of any other generation.

The other record is cannabis is taking a bit out of beer. Beer sales are down, especially earlier in the week as people are turning to vaping and gummies for a quick, low calorie and dose to relax after a busy start to the week. Year over year growth is strong. In 2022, sales were $30 million and in 2024, it is on track to be $38 million. While beer sales still far outpace cannabis at $117 billion, sales dropped again in 2023 by 5.1%. Another reason big liquor companies are wading into the cannabis market.

But the industry is still struggling and the Biden/Harris administration has failed to follow through on their 2020 promise to help the industry. Biden is one of the most seasoned policymakers in DC with 50 years of service, so it seems the failure of the DEA to make a move before the election could be planned. The DEA rescheduling move premiered at time to provide zero relief for the industry in 2024 as the DEA is not making an announcement until December. Being post December, it could provide cover to the current administration to make make a move. Or if the GOP wins the presidency, Speaker Mike Johnson (R-KY) has made it clear he will move to reduce the industr

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