Cannabis Rescheduling Could Reverse 'Decades Of Misguided Drug Policy,' Says Key Industry Organization Following DEA Hearing Rescheduling (UPDATED)

Editor’s note: this article has been updated to reflect the views of the NCR more accurately.

The U.S. Drug Enforcement Administration (DEA) has scheduled a hearing on Dec. 2, 2024, to discuss the proposed reclassification of cannabis as a Schedule III substance under the Controlled Substances Act. This marks a crucial step in the ongoing process of cannabis rescheduling, drawing attention from industry leaders and stakeholders.

Saphira Galoob, executive director of the National Cannabis Roundtable (NCR) and upcoming speaker at the Benzinga Cannabis Capital Conference, issued a press release sharing the organization's position on the hearing, emphasizing the importance of utilizing every aspect of the administrative process.

"For significant decisions, it is only logical that all pieces of the administrative process are utilized, and a hearing reflects the gravity of change that accompanies reversing decades of misguided federal drug policy," she said.

The Role of Science and Public Opinion

Galoob highlighted the overwhelming support for moving cannabis to Schedule III. Tens of thousands of individuals and organizations have submitted comments in favor of the change, she noted.

Scientific and medical analyses conducted by federal health agencies, including the FDA and NIDA, have recognized the accepted medical use of cannabis. "We will continue to stand in strong support of the medical and science-driven analyses by multiple federal health agencies," Galoob affirmed.

Implications of Rescheduling

The rescheduling of cannabis has been a long-standing issue within the industry, with many advocating for its removal from Schedule I, where it currently sits alongside substances like heroin. Moving cannabis to Schedule III would acknowledge its medical benefits and potentially ease some of the restrictions that have hindered research and industry growth.

Galoob reiterated the NCR’s commitment to supporting the rescheduling effort and countering misinformation. "We look forward to the opportunity to participate in a hearing to speak in strong support of these conclusions… and to combat the misinformation being put forward by those who continue to ignore the science and data on cannabis," she stated.

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 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

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