Cannabis ReClassified Like I have been saying for weeks now. The FDA started this ball rolling.
And this just may, just may all go to Congress through the Farm Bill.
Read the highlights carefully.
I believe the FDA will have control of this industry...If this gets passed.
Cheers,
V
According to an August 29, 2023 letter, the Department of Health and Human Services (“HHS”) has recommended to the Drug Enforcement Agency (“DEA”) that cannabis be reclassified as a schedule III drug under the Controlled Substances Act (“CSA”). HHS based this recommendation on a Food and Drug Administration (“FDA”) review of cannabis’s classification pursuant to President Biden’s executive order in October 2022.
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.
To arrive at a schedule III finding, HHS, via the FDA, had to conduct a scientific and medical evaluation of cannabis, using a statutorily required eight-factor analysis. The DEA also conducts its own independent review of cannabis using this eight-factor analysis, but, unlike the FDA, it may also consider “all other relevant data”—an unrestricted term that, by definition, permits the DEA to look broadly outside the statutory limits placed upon the FDA.
Now the DEA will review the FDA’s recommendations, its own findings, and the relevant facts to determine on its own the proper scheduling of cannabis.