The National Association of Black Cannabis Lawyers (NABCL) issued an official statement on President Joe Biden's plans to reclassify marijuana as a Schedule III substance.
“While we appreciate the administration's clear statement that we must reevaluate our outdated and inaccurate stance on cannabis, NABCL has significant concerns that merely rescheduling cannabis to Schedule III falls drastically short of the comprehensive decriminalization promised to American voters," stated NABCL founder and executive director Natacha Andrews, Esq.
This week, the Department of Justice (DOJ) published a proposed rule in the US Federal Register, starting the 60-day public comment period.
The DOJ proposed to "transfer marijuana from schedule I of the Controlled Substances Act ("CSA") to schedule III of the CSA, consistent with the view of the Department of Health and Human Services ("HHS") that marijuana has a currently accepted medical use as well as HHS’s views about marijuana’s abuse potential and level of physical or psychological dependence."
The department is now soliciting comments on this proposal, which must be submitted electronically or postmarked on or before July 22, 2024.
Cannabis rescheduling news has shaken up the industry, with both positive and negative reactions. To learn about the biggest impacts of this move, and what's next for the marijuana space join us at the Benzinga Cannabis Capital Conference this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following this link.
Benefits For Large Corporations And Pharma Companies
Andrews said rescheduling keeps " federal criminalization. With cannabis as a Schedule III controlled substance, arrests, incarceration, and discriminatory policing practices for possession and distribution will persist. Without automatic release provisions, those currently incarcerated on cannabis related charges will remain behind bars."
NABCL director added that "rescheduling alone creates benefits for large corporate cannabis and pharmaceutical companies through tax incentives – but does not prioritize patients, or support a diverse workforce. It does nothing to improve affordable medical access, protect small businesses, ensure fair wages and working conditions, or mandate reinvestment into the communities ravaged by the drug enforcement policies fueled during prohibition."
During the public comment period, NABCL will help gather support for full decriminalization and comprehensive legalization, calling for reform that prioritizes equitable access, transparency, resentencing, expungements and veterans access.
"Developing new policies without fully reckoning with those harms is an unjustifiable abdication of responsibility," Andrews pointed out.
Photo: Courtesy of H_Ko via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.