Why it matters: The U.S. Food and Drug Administration (FDA) has recommended reclassifying cannabis as a Schedule III substance, which would make medical cannabis and the research supporting it legal at the federal level. This marks the first time a federal agency has made this recommendation, and it could have significant implications for the cannabis industry and research.
What they are saying: The FDA’s Eight Factor Analysis found that cannabis has a currently accepted medical use and is not an immediate precursor of another controlled substance. The recommendation to reclassify cannabis to Schedule III was applauded by organizations like the National Cannabis Roundtable, who have been advocating for this change. Various players in the cannabis industry expressed their support and discussed the potential benefits, such as reduced tax burdens and access to banking services.
The big picture: The move to reclassify cannabis to Schedule III comes after President Biden directed federal agencies to consider this change. It was partly sparked by a lawsuit from attorney Matthew C. Zorn, who obtained a rescheduling memo through a Freedom of Information Act request. Reclassifying cannabis could lead to increased research opportunities and potential reforms in banking and tax policies.
What to watch: The DEA will need to act on the FDA’s recommendation to officially reclassify cannabis as a Schedule III substance. The decision could have wide-ranging impacts on the cannabis industry, research, and criminal justice reforms related to cannabis.
My take: The FDA’s recommendation to reclassify cannabis as Schedule III is a significant step towards acknowledging its medical value and reducing the barriers for research. While it doesn’t fully legalize state-level cannabis programs, it opens the door for important changes in the industry. This development could pave the way for further reforms and bring us closer to ending cannabis prohibition.
