Cannabis Rescheduling: Will It Change The Industry Or Just Prolong The Wait?

As the cannabis world anticipates potential federal changes, the conversation around rescheduling has become a focal point of hope and uncertainty. Gary Santo, CEO of RX Green Technologies and upcoming speaker at the Benzinga Cannabis Capital Conference weighs in with a candid outlook, balancing optimism with caution.

Recent developments hint at progress, but Santo offers a no-nonsense perspective on what rescheduling could truly mean for the industry and why the road ahead may be longer than expected.

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Rescheduling: Slow But Steady Process

While cannabis rescheduling has been a long-debated topic, Santo believes the process is finally gaining traction. "I think there are things that are in motion. That means it’s more than just hope," he remarked, pointing to recent developments such as the public comment period and the involvement of key government agencies.

However, Santo is quick to temper expectations, cautioning that the journey toward rescheduling will not be quick. “It’s going to be on the longer end of the timeline,” he said, emphasizing the need for alignment between the Department of Justice (DOJ) and the Drug Enforcement Administration (DEA) before any substantial progress can be made.

What Rescheduling Really Means For Cannabis

Santo is pragmatic about the potential impact of rescheduling on the cannabis industry. While it represents progress, he warns that the changes may not be as immediate or sweeping as some hope. “You could deschedule it, you can reschedule it… and it could be years before we all know what that even means and what that’s going to mean to their company,” Santo explained.

He encourages cannabis operators and investors to focus on running successful businesses within the current regulatory framework rather than waiting for a regulatory overhaul. “Could it be better if they could cross state lines? Of course, but they can’t keep waiting for that,” he said, underscoring the importance of adaptability in an industry that remains in flux.

As Gary Santo prepares to speak at the upcoming Benzinga Cannabis Capital Conference, he hopes to shift the conversation from merely predicting when rescheduling will happen to explore its real implications.

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