business
Marijuana rescheduling leaves regulators and sellers cautiously optimistic
A move by the Biden Administration to change how marijuana is treated by federal authorities was met with cautious approval by Massachusetts state regulators, cannabis sellers, and national marijuana advocates alike.
The Drug Enforcement Agency will drop marijuana from the list of banned substances found under Schedule I of the Controlled Substances Act, where it currently sits alongside heroin and LSD. It will instead move it to Schedule III, among the likes of Tylenol with codeine and anabolic steroids. This follows the recommendation of the Department of Health and Human Services
“Rescheduling cannabis is a monumental step forward for the federal government, one that can open new avenues to research, medical use, and banking for the regulated industries states like Massachusetts have built across the country,” said Ava Callender Concepcion, the acting chair of the Bay State’s Cannabis Control Commission.
In an unexpected turn, Green Dragon, one of the largest dispensary chains in Colorado, will keep its stores and grow facility open.
The retailer’s parent company, California-based Eaze, got an infusion of $10 million from its owner, Jim Clark, to remain operating, it announced Tuesday. Clark, the billionaire founder of the defunct tech firm Netscape, foreclosed on the company’s assets in August for $54 million.
“We’ve just been working with the new ownership group to assess what we’re doing in the future,” said Cory Azzalino, Eaze’s CEO. “It’s nothing world-shaking, but I’m excited to keep going.”
The first dispensary chain founded by Alex Levine, Andy Levine and Lisa Leder is preparing to cease operations in Colorado, three years after they sold it.
But they have high expectations for take two — their new chain, Fired Cannabis.
“Our plan is to get back to where we were,” said Alex Levine. “It’s just a long detour.”
At least 384 flights were canceled and 467 delayed at Denver International Airport on Friday as heavy snow pelted metro Denver and Colorado’s eastern plains.
The Federal Aviation Administration activated a traffic management program for flights bound for DIA “due to weather/snow-ice.” The average delay for flights under this plane was one hour and 50 minutes, FAA officials said, adding that departing flight schedules also may be affected by the weather.
There were 851 total delayed and canceled flights at DIA as of 11:45 a.m., according to Flight Aware. SkyWest reported the most cancellations with 183, followed by Southwest with 124, and Frontier with 30.
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