There has been a lot of talk in the government about the rescheduling of cannabis from schedule 1 to a lower tier, or even potentially removing it from the list of scheduled drugs entirely.
Increased Opportunities for Research
Right now there is so much we do not know about cannabis. The rescheduling will allow for us to do more accurate and in-depth studies to figure out just exactly how it affects us, and how it can be used more beneficially. This could also potentially open up opportunities for government-funded research on cannabis.
Medical Applications
This would allow more places to prescribe cannabis to patients in need in all of the states that don’t currently allow it, as well as making it more obtainable in states where it is already legal to obtain a medical card.
The rescheduling of cannabis to a lower tier would open up potential opportunities for people to get their cannabis prescriptions to be covered by insurance.
Decriminalization and Expungement
Rescheduling might encourage further decriminalization efforts, leading to fewer arrests and convictions for cannabis-related offenses. This could also result in the expungement of previous cannabis-related criminal records for many individuals.
Job Creation and Economic Growth
As legal access to cannabis expands, the cannabis industry could grow significantly. This would create new jobs in cultivation, processing, retail, and research. All of which contribute to economic development and tax revenue at both state and federal levels.
Safer Access
A lower scheduling would likely lead to stricter regulations around cultivation, processing, and distribution. This means consumers would have access to safer, tested cannabis products with standardized potency and fewer contaminants.
Improved safety standards for cannabis products could reduce the risks associated with unregulated markets, such as exposure to harmful chemicals or synthetic cannabinoids.
Financial benefits for cannabis business owners
Currently people who own cannabis businesses are not eligible for tax write-offs. This makes it incredibly difficult for these owners to maintain a thriving business since they have to pay 100% of taxes owed every year, whereas every other business is able to write off all their expenses. This results in many smaller family/friend owned businesses not being able to stay in business or even start because it is just too expensive. This causes many big time companies to get into markets and essentially take over because the barrier to enter that market is too high for any small business. This takes away opportunities from small time business owners who actually care and are enthusiastic about cannabis.
Currently, many cannabis businesses face challenges in accessing banking services due to federal restrictions. Rescheduling could ease these restrictions, allowing businesses to operate more safely with access to loans, credit, and other financial services.
Rescheduling could pave the way for interstate trade of cannabis products, opening up new markets and opportunities for businesses, especially in states where cannabis is already legal for medical or recreational use.
At the end of the day, any lifts on the extreme regulations that are on cannabis are going to be a huge benefit for anyone who owns a cannabis business, whether they go completely legal or just reschedule.
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