The House of Representative had quite the shake-up this week leaving many to wonder how that will impact cannabis policy with the recent proposal by the HHS to reschedule cannabis and efforts to pass the SAFER Banking Act. Currently, marijuana is federally illegal, but legal in some states for medical and/or recreational use. This creates a problem for marijuana businesses, which have difficulty accessing banking services. Federal law prohibits banks from doing business with businesses that are involved in illegal activities for cannabis industry.
There is bipartisan support for legislation that would allow marijuana businesses to access banking services, but it has not yet been passed. Some Republicans have expressed opposition to the legislation, arguing that it would give legitimacy to an illegal industry.
If a new House Speaker is elected who is more supportive of marijuana reform, it could increase the chances of legislation passing that would allow marijuana businesses to access banking services. This would be a major win for the marijuana industry and would make it easier for businesses to operate and grow.
A lawsuit that has been filed against the US Department of Health and Human Services (HHS) to compel the release of a letter that the Biden administration sent to the Drug Enforcement Administration (DEA) recommending that marijuana be rescheduled.
The letter has not been released publicly, but it is believed to contain the Biden administration’s reasoning for why marijuana should be rescheduled and what the DEA should do next.
The lawsuit was filed by attorney Matthew Zorn, who argues that the letter is a public record and that HHS is required to release it. The lawsuit also claims that HHS is withholding the letter in order to delay or prevent the DEA from rescheduling marijuana.
The DEA currently classifies marijuana as a Schedule I drug, which means that it has a high potential for abuse and no currently accepted medical use. Rescheduling marijuana would make it easier for researchers to study the plant and for patients to access it for medical purposes.
The outcome of the lawsuit is uncertain, but it could have a significant impact on the future of marijuana reform in the United States. If the court orders HHS to release the letter, it could put pressure on the DEA to reschedule marijuana.
This week we also have news out of Arizona, Illinois, Ohio, New York, and Michigan. We also have guest Matt White joining us. Matt white is the creator behind the Strain Show, the Youtube channel where you can learn everything you ever wanted to know about cannabis industry.
Don’t miss this latest episode of Cannabis Legalization News.
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