HomeMarket News HHS Supports Rescheduling Marijuana to Schedule III HHS Supports Rescheduling Marijuana to Schedule...

HHS Supports Rescheduling Marijuana to Schedule III HHS Supports Rescheduling Marijuana to Schedule III

Actionable Trade Ideas

always free

Cannabis Advocates Hold Rally For Medical Marijuana

Mark Wilson/Getty Images News

Shaking the very foundation of what was once taboo, the US Department of Health and Human Services (HHS) has unveiled a daring recommendation to reschedule marijuana, pivoting the plant to a Schedule III drug. The groundbreaking revelation comes following the release of a 252-page review that heralded the plant as holding potential medicinal value, while also positing that its risks pale in comparison to other controlled substances.

Going against the grain of convention, HHS Assistant Secretary for Health Rachel Levine asserted, in a bold letter to DEA Administrator Anne Milgram, that the time had come for cannabis to ascend to a Schedule III substance. This radical movement challenges the current classification of marijuana as a Schedule I drug, a designation that staunchly maintains a stance against any recognized medical utility of the plant.

Although the insightful review is timestamped August 2023, it was only thrust into the limelight on a fateful Friday evening, owing its emancipation to the relentless legal pursuit of attorney Matthew Zorn. The whistle was first blown by the website On Drugs, leading to widespread publicity.

Amidst the clamor surrounding this paradigm-shifting document, one resounding consensus emerged – the National Institute on Drug Abuse concurred with Levine’s audacious directive. The review underwent a meticulous scrutiny of eight key factors that influence the regulation of drugs, weighing in on criteria such as abuse potential and the likelihood of physiological or psychological dependence.

Despite a heterogeneous landscape characterized by varying degrees of evidence for its efficacy in treating different medical conditions, the crux of the marijuana’s efficacy was underscored through robust findings in alleviating pain. Additionally, affirmative evidence surfaced regarding its effectiveness in combating anorexia as well as the nausea and vomiting associated with chemotherapy.

Addressing a hot-button issue, the FDA scientists also allayed apprehensions over marijuana dependence, reminding skeptics that the probability of dire outcomes stemming from its usage remains low. This resounding endorsement marks a watershed moment in the annals of the pharmaceutical landscape and is sure to reverberate among ardent advocates of the legalization and banking reform in the cannabis industry.

A veritable chorus of accolades ensued from the corridors of multi-state operators, heralded by the likes of MedMen Enterprises, Curaleaf Holdings, Acreage Holdings, Cresco Labs, Green Thumb Industries, Trulieve Cannabis, Ayr Wellness, TerrAscend, Verano Holdings, and Ascend Wellness. Meanwhile, across the Canadian border, licensed producers like Canopy Growth, Tilray Brands, Cronos Group, Aurora Cannabis, SNDL Inc., and OrganiGram Holdings joined in the jubilation.

Concurrent to this seismic revelation, a coalition of a dozen state attorneys general called on the DEA to realign its archaic stance and embrace the rescheduling of marijuana as a Schedule III substance.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.