NCIA Public Comment on Proposed Rule to Reclassify Marijuana to Schedule III
Marijuana Business, Stocks, Finance, & Investing July 31, 2024 MJ Shareholders 0
Prepared by NCIA
After nearly two years of administrative processes, the Department of Justice (DOJ) recently proposed a rule to reschedule marijuana from Schedule I to Schedule III of the Controlled Substances Act (CSA). The rescheduling of a controlled substance follows a formal rulemaking procedure that requires notice to the public, an opportunity for comment, and an administrative hearing.
In response to the proposed rule, NCIA has submitted comments to the DOJ. Key takeaways include:
- Rescheduling marijuana to Schedule III is a positive and historic first step in reforming our outdated cannabis laws, however, it would be more appropriate for marijuana to be completely removed from the CSA.
- Such a move should be accompanied by timely guidance from DOJ and applicable departments to other federal agencies, state governments, regulators, and businesses. Any guidance must not upend the successful regulatory systems now in place in 38 states.
- Legalizing and regulating marijuana has had clear, positive impacts on public health and safety across the nation.
- Moving marijuana to Schedule III would provide clear, profound, and increased economic benefits to the tens of thousands of businesses operating legally under state laws and to the communities which rely upon the tax revenue and jobs they provide.
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NCIA is leading the cannabis industry’s unified and coordinated campaign to ensure our business sector is treated fairly and has the opportunity to reach its full potential. Now – more than ever – is the time to invest in your business and the future of the industry by becoming a member.
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