Bill introduced in the House to reschedule cannabis
On January 26th, U.S. Rep. Greg Steube (R-FL) introduced legislation to reschedule cannabis from a Schedule I to Schedule III substance under federal law.
The “Marijuana 1-to-3 Act” directs the Drug Enforcement Administration (DEA) to make this change. Rep. Steube says the measure would allow “researchers to access federal funds to determine its medical value.”
This is significant because research has been throttled for years despite the known medicinal benefits, and this bill would finally enable cannabis research to move forward. It’s also important because it would open up opportunities for banking and getting cannabis stock on the US market.
What do all these “Schedules” mean?
Schedule I
Under federal law, a Schedule I controlled substance is a drug, substance, or chemical that has:
a high potential for abuse
no currently accepted medical use
subject to regulatory controls and administrative, civil, and criminal penalties under the Controlled Substances Act.
Substances currently classified as Schedule I: cannabis, heroin, lysergic acid diethylamide (LSD), ecstasy, methaqualone, and peyote.
Schedule II
Schedule II drugs, substances, or chemicals have:
A high potential for abuse
a risk of use potentially leading to severe psychological or physical dependence.
Substances currently classified as Schedule II: cocaine, Vicodin, Demerol, Dilaudid, methamphetamine, methadone, fentanyl, Dexerdrine, Adderall, and Ritalin.
Schedule III
Schedule III is a drug, substance, or chemical that has:
less potential abuse than a Schedule I or II substance
a currently accepted medical use
low or moderate risk of dependence if abused
Substances currently classified as Schedule III: ketamine, anabolic steroids, Suboxone, testosterone, codeine and hydrocodone products mixed with aspirin or acetaminophen.
Schedule IV and V are defined as having a lower potential for abuse and dependence and primarily include prescribed medications, with some over-the-counter medications.
What does the introduction of this bill mean?
This is the third time he has tried to push this legislation in Steube's three terms. In both 2019 and 2021, the bill died after not receiving a hearing in the then-Democratic-majority Congress.
Whether the “Marijuana 3-to-1 Act” will fare better in the Republican-controlled Congress under House Speaker Kevin McCarthy (R-CA) is uncertain. But the good news for cannabis legislation is that Steube is one of many House Republicans pushing federal cannabis reform.
What’s also good news for this third attempt at this bill is that it’s coming just four months after President Biden called on the U.S. Attorney General and the Secretary of the Department of Health and Human Services to begin reviewing marijuana under federal law.
At the same time, the President also pardoned 6,500 individuals with prior federal or DC convictions for simple marijuana possession.
And in November 2022, Congress passed a historical medical cannabis research bill.
With legislation conditions more favorable than Steube’s past two attempts at rescheduling, passing the bill seems more likely than ever.
If passed, this would be huge for cannabis researchers and legal marijuana businesses. At present, cannabis companies are barred from claiming many normal business expenses on their federal tax returns, but this bill would put an end to that prohibition.
What’s next?
The rescheduling bill was sent to the House Energy and Commerce and Judiciary committees.
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