Tuesday's news that the Drug Enforcement Agency (DEA) will move to reclassify marijuana as a less dangerous drug blew the industry and sent cannabis stocks high in the sky. And, while the move was generally praised by the majority of industry experts some highlighted this is only a step in the right direction but far from enough.
For example, the deputy director of the National Organization for the Reform of Marijuana Laws (NORML) Paul Armentano stressed that reclassification won't resolve state-federal conflict.
Shortly after Tuesday’s news, many politicians, especially those who have supported cannabis reform as well as those against it, expressed their views.
Senate Majority Leader Chuck Schumer (D) shared his official comment in an X post. "Congress must do everything we can to end the federal prohibition on cannabis and address longstanding harms caused by the War on Drugs." Schumer vowed that he remains committed to working on legislation like the Secure and Fair Enforcement Regulation (SAFER) Banking Act as well as the Cannabis Administration and Opportunities Act, which would federally de-schedule cannabis by removing it from the Controlled Substances Act.
The SAFER Act, which seeks to allow legal cannabis businesses access to banks and financial institutions was approved by the Senate Banking Committee in September 2023. The bill has languished since then.
Republican House Rep for South Carolina Nancy Mace, who is behind the most comprehensive cannabis legalization bill in the U.S. – the States Reform Act, said Tuesday’s news was a "grain of hope because up until this point, it's been BS."
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Jared Polis And Ron Wyden
Colorado Governor Jared Polis (D) issued the following statement focusing on the 280E tax provision:
"I am thrilled by the Biden Administration's decision to begin the process of finally rescheduling cannabis, following the lead of Colorado and 37 other states that have already legalized it for medical or adult use, correcting decades of outdated federal policy. This action is good for Colorado businesses and our economy, it will improve public safety, and will support a more just and equitable system for all. We look forward to when Colorado businesses will continue to safely fulfill the consumer demand without facing additional safety challenges and unnecessary financial burden that 280E tax provisions created."
Senator Ron Wyden (D-OR) said that reclassification of cannabis is a "huge shift in policy," that would promote medical research and put an end to legal businesses being treated like criminals.
"I'm not going to let today's news slow this movement down, because there's more to be done to rectify the harms of the failed War on Drugs," Wyden said. "Cannabis should ultimately be descheduled with strong federal regulations put in place to protect public health and safety. Leader Schumer, Senator Booker and I have just the bill to do it."
See Also: Governor Polis Calls For Federal Cannabis Rescheduling, Launches New State Business Program
Elizabeth Warren And John Fetterman
Senator Elizabeth Warren (D-MA) said that this is a "big deal," and that she fought hard for this "common sense." She and John Fetterman (D-PA) are two of 20 senators who have urged the DEA to remove cannabis from Schedule 1.
Fetterman added that the next stop should be "FULL legalization."
Dave Joyce And Brian Mast
Congress members and co-chairs of the Congressional Cannabis Caucus Dave Joyce (R-OH) and Brian Mast (R-FL) released a joint statement:
"Today's decision breaks a nearly 80-year stalemate in regards to cannabis, opening the door for it to be used for medicinal and research purposes. Rescheduling means cannabis will be an option for veterans and adults living with chronic diseases, including epilepsy, multiple sclerosis, and opioid use disorder," representatives Joyce and Mast stated. "This is an important step, but more needs to be done."
"Millions of Americans have had opportunities for stable housing and employment foreclosed due to petty and non-violent cannabis-related offenses, including in jurisdictions that have since legalized the substance. Further, access to regulated and affordable medicinal cannabis remains out of reach for millions of patients, including veterans.
We must develop a regulatory framework that protects children but ensures the safe growth, manufacturing, prescription, sale, and consumption of cannabis by adults. We look forward to working with the agencies on this issue in the coming months."
See Also: This US Congressman Says Veterans’ Fight For Medical Marijuana Is A Fight For Freedom
Jacky Rosen, Kirsten Gillibrand, Barbara Lee
Democratic Senators Jacky Rosen and Kristen Gillibrand, and Representative Barbara Lee all shared their enthusiasm about the news but also highlighted that the reform is not complete without full legalization on the federal level.
Opposition From GOP: Sen. James Lankford And Rep. Andy Harris
Republican Senator James Lankford expressed his opposition saying this move is "irresponsible."
Representative Andy Harris (R) said rescheduling would be "anti-science and harmful to public health and safety."
Photo: Benzinga edit with images by United States Senate, U.S. Senate Photographic Studio/Jeff McEvoy, US Government – commons file via Wikimedia Commons and Rick Proctor on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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