Welcome to Moodment!
the reclassification of marijuana
Nuggets from Holly

The Reclassification of Marijuana: What To Know

Every single news publication today is talking about the reclassification of marijuana from a Schedule I (heroin and LSD) to a Schedule III (Tylenol with Codeine in it).

The 411 on the reclassification of marijuana

Essentially, the Department of Health & Human Services suggested the reclassification of marijuana , and then the DEA developed a proposal that was sent to the White House for approval. If the proposal is approved, it will be published in the Federal Register, allowing the public to comment on it within a time frame of 30-180 days. Then, an administrative judge and the DEA agency will publish the final rule, though this process will take some time.

Wow, with all that said, I felt like I was teaching American Government in High School, cannabis style. But in all seriousness, there is a lot to know about the reclassification of marijuana and what it means for the United States.

In support of marijuana legalization

Recent surveys indicate that a growing majority of adults support marijuana legalization, with 70 percent expressing support in a Gallup poll conducted last fall. Currently, 24 states have legalized recreational marijuana, and 38 states allow for medical marijuana. Advocates see this reclassification of marijuana as a positive step toward eventual legalization, especially since marijuana has been classified as a Schedule I drug for the past 50 years. 50 YEARS!!

A quick U.S. history lesson on cannabis

When did fear-mongering in the U.S. start with marijuana? Well, after the Mexican Revolution of 1910, Mexican immigration to the U.S. increased significantly. As the use of cannabis also increased, the plant became associated with immigrants. Fear and prejudice about immigrants became associated with cannabis. Additionally, crimes were attributed to the plant and the Mexicans who used it. This set the U.S. on a path to war on drugs.

Ha! Okay, now I feel like I just taught US History. But to understand the possibility of the reclassification of marijuana, it’s important to know where we have been as a country and where we are now.

How will the reclassification of marijuana change the cannabis industry?

It’s no surprise, many people wonder how this reclassification will affect the industry. One major issue for marijuana-related businesses is banking. This potential reclassification of marijuana could help the situation. The SAFER Banking Actwhich aims to address banking challenges in the industry, is already under consideration, but the reclassification could speed up its implementation. This could be a game-changer for businesses with limited banking and merchant processing options.

The reclassification could also help with tax deductions for businesses like dispensaries. Currently, Internal Revenue Code 280E applies to state-licensed cannabis businesses, meaning that they cannot deduct certain business expenses from their federal taxes. However, if the reclassification happens, this code would no longer apply, allowing these businesses to make more deductions.

What else? Perhaps the biggest impact of the reclassification will change research. There are hopes that the reclassification could lead to breakthroughs in cures for diseases such as glaucoma, cancer, and Parkinson’s. I believe that the shift could benefit people who are struggling with such illnesses and may even provide alternative treatment options for those who would otherwise rely on benzodiazepines.

Despite the potential benefits of the reclassification, there are limitations to what it can accomplish. Unfortunately, the reclassification won’t be able to help people who have been jailed for marijuana-related offenses at the state level. I hope this will help states realize they need to change their ways too.

The future of marijuana is on the cusp of major change

Ultimately, the reclassification could legitimize the industry and provide greater support from the medical community and the public. While the process is likely to be slow and arduous, there is optimism. Why? This could be a significant step forward for the legalization of marijuana.

Personally, I think things will get really messy before they get better. But that’s how change works sometimes and we’re ready for it! What about you? Tell us your thoughts in the comments!