EXCLUSIVE: End Of Weed Prohibition? Fmr Sen Cory Gardner Discusses Potential Cannabis Reclassification

"This is a new chapter... certainly a monumental decision, a monumental day that could lead to more significant changes," former Senator Cory Gardner (R-CO), NCR Advisory Member said in an exclusive interview with Benzinga discussing the Health and Human Services (HHS) groundbreaking recommendation to the DEA about reclassifying cannabis.

The transition from cannabis being a Schedule I drug, which considers it as having no medical value and places it alongside substances like heroin, to potentially becoming a Schedule III drug is indeed noteworthy. This move would acknowledge its medical value, which has been a long-standing debate in the federal sphere.

Gardner, former Rep. Ed Perlmutter (D-CO) and senior counsel at Akin Gump Strauss, Hauer & Feld LLP, Reggie Babin will sit down together at the upcoming Benzinga Cannabis Capital Conference in Chicago. Mark your calendar for September 27 and 28.

Related Content: HHS Secretary Confirms It Is Recommending Cannabis Be Rescheduled, Per Biden's Directive

Cannabis & Politics: Is Schedule III The Future?

Speaking with Aaron Bry, content producer at Benzinga, Gardner provided an insightful perspective on the matter.

“I think in the characterizations of the steps today that I've heard, I've seen it described as monumental. I've seen it described as a very, very big event for the industry. And what it means... is starting to move into the Schedule three discussion from not just a theoretical sort of, well, what if they did this kind of thing, but actually one branch... one agency in government trying to push the others that are part of the process to be in on this decision,” Gardner said.

When asked about the slow pace of acceptance from politicians and states despite Colorado's pioneering efforts in the cannabis industry, Gardner reflected. "I think when this first came up in Colorado, almost everyone... had a negative view, a negative position. And as that changed in Colorado... that's when you start to see more and more people come on board. And even those who opposed it and may still oppose it today actually understand the need to change the laws because the states have moved to move on their own."

Gardner also drew attention to the possible pitfalls of cannabis being stuck in an illicit market. He opined that even if some still hold a negative view, they recognize that there are crucial changes that need to be made. “The illicit market is the only sector that's benefiting right now. And under this sort of pell-mell sort of regulatory environment that we're living in right now,” Gardner explained.

Related Content: Chuck Schumer Responds To Cannabis Rescheduling, Sen. Ron Wyden Calls It 'Historic Leap'

Comparing the prohibition of cannabis to historical events, Bry made an observation: “Looking back, like you look at Prohibition, you're like, ‘Well, that didn't seem to work.’ And then we're kind of doing the same thing."

Gardner affirmed this and shared his advocacy for the SAFE Banking Act, which is essential for the cannabis industry. “So while this is a monumental announcement, monumental day, there's still... must be congressional action, including on things like Safe Banking Act.”

He highlighted bipartisan support for cannabis reform. "You always sort of have this libertarian element of the conservatives that were, you know, very much in favor of the work we're doing. Rand Paul's always been very good on this." He also emphasized the importance of keeping politics out of good policy.

Wrapping up the conversation, Bry appreciated the insights. “Who better to bring on than Senator Cory Gardner from Colorado?” Senator Gardner's views on the unfolding events related to the reclassification of cannabis and its potential implications for the industry certainly shed light on a historically significant moment.

Related Content: EXCLUSIVE - Federal Agency Calls For Relaxed Marijuana Laws: Experts Explain What This Means

As the Benzinga Cannabis Capital Conference returns to Chicago on September 27 and 28, it promises further dialogues that focus on policy, equity, and the wider implications of cannabis's potential reclassification. All information is available at bzcannabis.com

Image by Benzinga