Sunday, June 16, 2024

What Can Consumers Expect From Marijuana Rescheduling

Most of the industry has been thrilled with the progress of rescheduling.  But for the 40+ million who consume – what does it mean in real world terms?

The federal government took a big step toward rescheduling marijuana from a Schedule 1, which is a dangerous drug with zero medical benefits, to to Schedule III such as ketamine, Tylenol with codeine, and anabolic steroids.  The industry is excited at the progress, the benefits will include the ability to have simple tax write off like any other normal mom and pop business.  But what can consumers expect from marijuana rescheduling.

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Two longer term benefits. With a Schedule III classification, medical researchers may find it easier to obtain the necessary approvals and funding for studies.  With existing work, scientist have just began uncovering how the plant can help the body.  By better understanding of the compound’s potential, better treatments will be available for a variety of health issue. The pharmaceutical industry, the major leader in research, stands to gain from increased research opportunities.

It also will move the medical industry closer into viewing cannabis as a legal, useful tool in treating patients. This could play a part in weaning physicians from using opioids for pain and using something developed from cannabis which is much less addictive.

a black and white photo of a machine

Another benefit is it allows legal businesses a bit more breathing room and some expansion, even in the short term. The hope is to push out the grey players who are causing issues. One which is the flow of premade products from maker to seller to consumer, currently – some cut corners and products are not quite the same as on traditional store shelves. Rescheduling will allow more oversight and safer products.

“Legalization represents a pivotal shift towards a safer, more accessible, and consumer-friendly cannabis market,” said, Bob Groesbeck, Co-CEO Planet 13. “Legalization would not only have significant economic implications but would also greatly benefit cannabis consumers. “With legal status ensuring that products undergo rigorous testing for safety and quality, consumers can confidently access products that meet stringent standards.

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One benefit not seen in the near horizon is a lowering of prices. As a growing industry, most mom and pop need the extra cash to stabilize and grow. So while sales may happen, the benefit for the consumer is a healthy shop/product maker which will be around longer.

“Cannabis policy is a burning question with a small minority of the public but data show that in congressional campaigns, the vast majority (nearly 90% of candidates) never mention cannabis policy in public. That suggests that most voters are focused on different issues. Despite that, the current cannabis rescheduling petition before the federal government, and initiated by President Biden, is moving at lightning speed compared to every other cannabis rescheduling petition before it.” shared John Hudak,  Director, Maine Office of Cannabis Policy.

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