Denver: Veteran Cannabis City Speaks Out On Rescheduling, 'We Have A Lot Of Expertise To Offer'

Zinger Key Points
  • Denver submits official comment to the DOJ advocating for cannabis rescheduling, citing its extensive regulatory experience.
  • Officials highlight financial struggles of Denver's cannabis businesses but say tax relief from rescheduling will help..
  • Denver's DA supports rescheduling for better research opportunities and public health benefits.

Denver, Colorado submitted its official public comment to the cannabis rescheduling process underway at the Department of Justice (DOJ), which oversees the DEA. City officials said there are significant lessons the federal government can learn from Denver's long-standing experience with cannabis legalization.

"We’re one of the longest-standing and most experienced cities to regulate marijuana," said Molly Duplechian, the executive director of the Denver Department of Excise and Licenses. "We think we have a lot of expertise to offer and provide to the federal government on how it should be implemented if marijuana is rescheduled."

Duplechian pointed to the financial challenges faced by marijuana businesses in Denver. "Marijuana businesses in Denver right now are struggling. They’re facing their first recession," she noted.

She noted that rescheduling marijuana will allow businesses to claim normal federal tax deductions, providing much-needed financial relief.

Denver District Attorney Beth McCann also submitted a public comment to the DEA. McCann’s letter underscored Denver’s extensive experience with legal cannabis and argued that rescheduling would align federal policies with contemporary scientific understanding and state-level legal frameworks. She highlighted the benefits of increased research opportunities and improved public health outcomes.

Read Next: EXCLUSIVE: We Analyzed 4,000+ DEA Marijuana Rescheduling Comments; Here’s What Americans Really Think

Colorado’s Cannabis Sales: A Snapshot

The cannabis industry in Colorado has provided substantial economic contributions though the industry is facing its first downturn. According to the Colorado Department of Revenue, cannabis sales data reveals both medical and retail marijuana sales trends, with total marijuana sales peaking in recent years but now showing signs of struggle.

Ongoing DOJ Hearings

As the July 22 deadline for public comments approaches, the DEA reported that it has received over 33,000 submissions.

Following this period, the DEA will review the comments and make a decision on whether to reclassify cannabis from a Schedule I to a Schedule III substance. This decision will have significant implications for the cannabis industry, including changes in federal tax policies, increased opportunities for research and a healthier cannabis ecosystem overall.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In:
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis is evolving – don’t get left behind!

Curious about what’s next for the industry and how to leverage California’s unique market?

Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!

Get your tickets now to secure your spot and avoid last-minute price hikes.