EXCLUSIVE: Curaleaf Chairman Predicts DEA's Future Steps On Cannabis Rescheduling

"This is a big deal," says Boris Jordan, founder and executive chairman of the board of Curaleaf Holdings, Inc. CURA CURLF, referring to the recent recommendation by the Health and Human Services Department (HHS) to the Drug Enforcement Administration (DEA) regarding the rescheduling of cannabis.

In a conversation with Maureen Meehan, Benzinga cannabis editor, Jordan delves deep into his perspectives on the monumental news, the implications for the cannabis industry and the role politics might play in the months ahead.

Related Content: DEA's Rescheduling Of Cannabis Will Have Limited Impact On Criminal Justice Reform, Says Advocate

Biden, DEA & Cannabis: Jordan Spells On Legalization's Future

"We've been expecting this for some time," Jordan begins, recollecting the last significant rally in the cannabis markets when President Joe Biden voiced his support for a re-evaluation of the status of cannabis.

Jordan acknowledges that while the initial response was muted — with many expecting a 3 to 10-year wait, similar to CBD’s journey— insiders felt otherwise. "The head of the HHS came out a couple of months ago [saying] that they were going to make a recommendation by December. And so they've actually come out a little bit earlier than we thought and made the recommendation to both the FDA and the DEA," Jordan explains.

The DEA and FDA at the Center of the Cannabis Debate: The core of the debate now hinges on the subsequent recommendations from the Food and Drug Administration (FDA) and DEA. Jordan says he feels confident. "Now we feel like we are going to get the recommendations from both of those bodies also to move to Schedule III. This is what we're hearing through our networks."

Yet, despite the momentum, Jordan points out the unpredictable nature of politics and the role President Biden might play in the final decision. He observes, "Biden has been on the anti-drug campaign for most of his career."

However, says Jordan is optimistic about the chances. "I personally think due to the campaigning that he is going to be pushed to do it because they don't really have anything to talk to the youth about." He further commented on possible strategic moves by the Democrats, speculating if they would approve the rescheduling early in the year or keep it pending until just before the election, it might help them in the upcoming elections, considering the high approval ratings for cannabis legalization.

Related Content: Cannabis Stocks Soar As Gov Health Officials Call On DEA To Reschedule Marijuana: Is Legalization In Sight?

He emphasizes the current optimism by comparing stock prices, pointing out, "Even the rally we had is really insignificant compared to what I think will happen as we get closer to transparency on this issue."

Expressing his sentiments on the market's response to the news, Jordan comments, "This looks like a major victory today. We haven't seen many green days for a long time in the sector."

• If you are interested in hearing more about these topics, the upcoming Benzinga Cannabis Capital Conference in Chicago is honored to have Jordan as a keynote speaker. Mark your calendar for September 27 - 28.

While Jordan remains "cautiously optimistic," he believes the federal government is taking this issue seriously.

Jordan's insights provide not only a snapshot of the cannabis industry’s current landscape but also the potential changes on the horizon. As the cannabis debate heats up in political and economic circles, all eyes will be on the next moves of the DEA and FDA.

Delve deeper into this conversation at the upcoming Benzinga Cannabis Capital Conference, which is returning to Chicago on September 27 and 28. All information is available on bzcannabis.com

Image by Benzinga