Colorado cannabis industry sees positives, drawbacks to marijuana reclassification

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The US Department of Health and Human Services (HHS) on Thursday recommended that the Drug Enforcement Administration (DEA) move marijuana from a Schedule I to Schedule III controlled substance.

The recommendation comes after President Joe Biden requested a review in October 2022 as he pardoned thousands of Americans convicted of"simple possession" of marijuana under federal law.

Schedule III drugs"have a potential for abuse less than substances in Schedules I or II and abuse may lead to moderate or low physical dependence or high psychological dependence." They currently include ketamine and some anabolic steroids.US health agency recommends marijuana for rescheduling AP via Scripps News , Maura Sirianni 5:28 PM, Aug 31, 2023 Rescheduling marijuana could have a major impact on Colorado's marijuana industry, according to experts.

Bradley said reclassification would possibly give marijuana businesses access to banking and bring positive tax impacts. “Do we get purchased by let's say, a pharmaceutical company? Are we kind of left out of that space,” Ngnomire said.

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HHS recommends rescheduling cannabis, and stocks in the sector rallyBloomberg reports that the Department of Health and Human Services is pushing to move cannabis to Schedule III from Schedule I for potential medical use.
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