US Cannabis Council Calls DEA Historic Decision To Reclassify Cannabis 'A Tectonic Shift'

In response to reports of the Drug Enforcement Administration’s (DEA) reclassification of cannabis from Schedule I to Schedule III under the Controlled Substances Act, US Cannabis Council Executive Director Edward Conklin hailed the move as a significant milestone in federal drug policy reform.

“The US Cannabis Council strongly supports the move by the DEA to reclassify cannabis at a lower level under the Controlled Substances Act,” Conklin said.

He commended President Biden and his administration for recognizing the misclassification of cannabis as a Schedule I substance and pursuing administrative measures to rectify it.

The End Of 280e

Highlighting the potential implications of reclassification, Conklin noted referred to the IRS’s stance on the issue. “Reclassifying cannabis at Schedule III will transform the nation's cannabis industry by ending the onerous 280E tax penalty.”

He explained how this change would alleviate financial burdens on regulated cannabis businesses and foster a more competitive market environment. Moreover, Conklin emphasized the broader societal benefits of the DEA’s proposed rule. “Moving to Schedule III represents a tectonic shift in our nation's drug laws.”

Conklin reaffirmed the US Cannabis Council’s commitment to ending federal cannabis prohibition and pledged to support the proposed rule through formal comments submitted to the DEA. With the potential for significant changes on the horizon, stakeholders anticipate a transformative shift in federal cannabis regulation.

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