Unless you’ve been living under a rock, you know that a pretty historic announcement was made last week by the U.S. Department of Health and Human Services (HHS). HHS officially recommended that marijuana be rescheduled from Schedule I to Schedule III of the federal Controlled Substances Act (CSA).
The HHS news means that the country’s top health agency has finally conceded that cannabis has medical value, and isn’t a drug of abuse on par with fentanyl or heroin. Many people in the cannabis industry are convinced that this HHS recommendation to the Drug Enforcement Administration (DEA) means that the DEA will undertake this rescheduling (and fairly quickly, too–which would be a huge departure from its refusal to reschedule back in 2016).
If cannabis goes from a Schedule I to a Schedule III, the cannabis industry as we know it will forever change. We recently wrote about three facts and myths from this massive development, but in this post I want to cover what I think legal cannabis looks like in the U.S. if the plant is moved to Schedule III. While all existing cannabis companies will benefit from axing I.R.C. 280E from their business plans and medical research will finally open
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