The Biden administration’s recent move to reschedule cannabis is a step in the right direction but doesn’t go far enough. While the drug will no longer be classified as one of the most dangerous and habit-forming substances, the move falls short of the broader criminal and industrial reforms needed in the current climate.
This is particularly important in an election year. With a record 69% of voters, including a critical 65% of independents – the group most likely to swing the upcoming election – supporting comprehensive reforms to end prohibition, descheduling cannabis entirely could be a major vote-winner. For example, the same study finds that legalization is even more politically popular than government assistance to pay off student loan debt.
Instead of settling for the half-measures of rescheduling, it’s time for candidates to listen to the will of the people and commit to either descheduling or legalizing cannabis. This bold move would not only align with the majority’s stance but also unleash a green wave of economic opportunities and social justice reforms. Such a decision could pay dividends come November.
Why Scheduling Matters
For more than half a century, the scheduling of cannabis has been a contentious issue. This is because the decision in 1970 to place cannabis in the most restrictive category, Schedule I, never made sense. This category is reserved by the Drug Enforcement Agency (DEA) for substances with a high risk for abuse and addiction that have "no currently accepted medical use". I doubt many would argue about drugs like heroin, PCP, and cocaine making this list, but cannabis certainly seemed like the odd one out.
However, the new federal rule announced in May seeks to reclassify marijuana as Schedule III. While this move doesn’t legalize the drug, it’s a big shift. Recategorization is an acknowledgment by the federal government that cannabis has some medicinal value and a lower potential for abuse than previously classified. Additionally, a lower categorization removes some red tape determining production amounts and research.
The Promise Of Descheduling
Rescheduling fixes some but not all of the federal problems for cannabis. Rescheduling doesn’t decriminalize marijuana or legalize it for recreational use at the federal level. Schedule III drugs are still subject to strict rules and regulations, and individuals who traffic them without permission can face federal criminal prosecution. Moreover, nearly half of the states in the US (24) have already approved cannabis for recreational use, creating a discrepancy between state and federal laws that rescheduling alone cannot resolve.
It’s also not controversial to suggest that cannabis should be outside of the scheduling system altogether. Not only is emerging research backing up many of cannabis’ anecdotal benefits in the lab, from anxiety to sleep, but other similar substances are beyond the purview of this list by the DEA. Cigarettes and alcohol, for example, are not listed as controlled substances but many rightly point out that they, too, could be considered for Schedule I.
Rescheduling alone is insufficient. It’s progress, undoubtedly, but it doesn’t lead to nationwide decriminalization or make medical cannabis more accessible. The Drug Policy Alliance even argues that rescheduling could create more bureaucratic hurdles. That's why there's a growing call for descheduling cannabis completely. By removing it from the controlled substances list, we can make way for more meaningful reforms and, ultimately, legalization.
The path forward isn’t without obstacles and the political landscape will play a crucial role in determining the future of cannabis policy.
The Politics Of It All
This year, presidential candidates must navigate a complex landscape shaped by shifting public opinion and deeply rooted political interests. The stakes for cannabis policy in an election cycle have never been higher.
To be fair to Biden, rescheduling cannabis is one of the bigger cannabis wins at the federal level in some time. Moreover, during his time in office, the current president has championed social justice reforms, pardoning thousands of individuals convicted of marijuana possession under federal law.
However, it's unlikely that either of the major parties will propose anything more substantial than rescheduling this election cycle, which is a missed opportunity. On the other hand, Robert F. Kennedy Jr., the most prominent independent presidential candidate in this year's race, has consistently called for the federal legalization of marijuana, the expansion of banking services for the industry, and the use of cannabis tax revenue to fund drug treatment and rehabilitation centers.
The impact of this single issue remains to be seen but we do know that undecided and independent voters support pro-cannabis policy. And, we also know that this group can clinch elections in particularly close races. Any presidential candidate who chooses to ignore this issue will do so at their own peril.
Whatever happens next, it’s heartening to see the tide turning in favor of cannabis legalization. I don’t recall the last time that cannabis was taken seriously as an election issue. Inch by inch, vote by vote, the prohibition era of cannabis feels like it’s coming to an end, and political parties must take heed of this groundswell. The future of cannabis policy now rests in the hands of the voters and their voices will be heard at the ballot box.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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