When the Biden administration ordered a review of marijuana’s Schedule I status, the cannabis community erupted with both hope and skepticism. The range of emotions continued when the Department of Health and Human Services formally recommended that cannabis move to the less restrictive Schedule III. Nearly three years after Biden’s initial proclamation, the rescheduling process has been in bureaucratic purgatory with no real sign of movement.
But while cannabis advocates may be concerned it’s back to square one, that might not be a bad thing.
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After all, Schedule III is not legalization. It’s not even decriminalization. Recreational marijuana would still be illegal at the federal level.
Even at Schedule III, cannabis would still be a controlled substance. It would technically need to be dispensed by licensed pharmacists to people with valid prescriptions. Other drugs on the Schedule III list include Tylenol with codeine, ketamine, and anabolic steroids. It doesn’t mean the entire cannabis market would make that shift, but that is what the law says.
That’s not to say Schedule III wouldn’t have its benefits. Licensed pot businesses would likely have an easier time accessing banking services. They may also see fewer restrictions on marketing. Most importantly, operators should not be subject to undue tax burdens if weed becomes Schedule III. Essentially, the cannabis industry may get some much-needed relief.
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Moving marijuana to Schedule III may also make it easier to study the plant. This could have a widespread impact as the potential therapeutic uses for cannabis could be verified and even FDA-approved.
And while all that is well and good, Schedule III is not the silver bullet many people think. A more sensible approach would be decriminalization, which removes cannabis from the Controlled Substances Act completely. It would then be regulated state-by-state, just like tobacco and alcohol. It would open interstate commerce, remove barriers to success for operators, and allow adults to decide for themselves if the plant is right for them.
So for those of you worried about the lack of movement on rescheduling: don’t fret. Something better may be ahead. Or not.
