420 with CNW — Which Branch of the US Federal Government Could Initiate Marijuana Policy Reform?
The U.S. cannabis industry is experiencing a boom right now with Americans spending almost $25 billion on adult use cannabis products in 2021. Despite the growth, the industry has been affected by outdated policies that classify the drug as a Schedule 1 substance. This has greatly affected business operations, and as a result, corporations are working with advocacy groups to lobby for reforms that could significantly transform the industry. Meanwhile, countries such as Canada and the United Kingdom have changed their legislation to promote legality and medical research of the drug.
As the midterm polls approach, industry experts are predicting that there will be a significant push for federal marijuana reforms. According to Steve Hawkins, the executive director of the U.S. Cannabis Council (“USCC”), Congress is looking forward to passing a banking reform law. The bill will transform the industry by providing businesses with access to financial services and other benefits.
Apart from Congressional action, the other way to improve the policies governing the industry is through court challenges and executive decisions. As each option aims for improvement, they will impact cannabis businesses differently.
Congressional action is considered the most preferred way for pushing reforms. Lawmakers are considering bills that offer social equity and offer incremental gains. For example, the SAFE Banking Act is a bill sponsored by Rep. Ed Perlmitter (D-CO) that will see cannabis businesses receive financial services from banking institutions without federal penalties.
Congress has the ability to consider the prospects and needs of the cannabis industry in steps. Hawkins states that the USCC is prioritizing comprehensive reforms passed through Congress. However, some stakeholders disagree. According to Albert Gutierrez, CEO of Colorado-based MedPharm, a lot of effort will be used to legalize cannabis through Congress.
Challenging the federal government’s prohibition through the court systems has not been successful due to a number of reasons. Nevertheless, this has not dimmed down the possibility of a victory.
Cannabis stakeholders believe that reform could happen through rescheduling it to a Schedule 2 drug or lower. For such a decision to be successful, it would require involvement from the U.S. Food and Drug Administration (“FDA”) and Drug Enforcement Administration (“DEA”). Both agencies are somewhat cannabis friendly, and the newest FDA commissioner is a supporter of medical research of marijuana.
Other factors that could influence rescheduling include the country’s rescheduling stance at the United Nations and the DEA awarding licenses that allow many more entities to grow cannabis for federally approved research.
Regardless of which branch of the feds take the lead in bringing about cannabis policy change, the entire industry and sector actors such as Cannabis Strategic Ventures Inc. (OTC: NUGS) would be glad to see an end to federal marijuana prohibition and its current barriers to the sector.
NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer
The U.S. cannabis industry is experiencing a boom right now with Americans spending almost $25 billion on adult use cannabis products in 2021. Despite the growth, the industry has been affected by outdated policies that classify the drug as a Schedule 1 substance. This has greatly affected business operations, and as a result, corporations are working with advocacy groups to lobby for reforms that could significantly transform the industry. Meanwhile, countries such as Canada and the United Kingdom have changed their legislation to promote legality and medical research of the drug.
As the midterm polls approach, industry experts are predicting that there will be a significant push for federal marijuana reforms. According to Steve Hawkins, the executive director of the U.S. Cannabis Council (“USCC”), Congress is looking forward to passing a banking reform law. The bill will transform the industry by providing businesses with access to financial services and other benefits.
Apart from Congressional action, the other way to improve the policies governing the industry is through court challenges and executive decisions. As each option aims for improvement, they will impact cannabis businesses differently.
Congressional action is considered the most preferred way for pushing reforms. Lawmakers are considering bills that offer social equity and offer incremental gains. For example, the SAFE Banking Act is a bill sponsored by Rep. Ed Perlmitter (D-CO) that will see cannabis businesses receive financial services from banking institutions without federal penalties.
Congress has the ability to consider the prospects and needs of the cannabis industry in steps. Hawkins states that the USCC is prioritizing comprehensive reforms passed through Congress. However, some stakeholders disagree. According to Albert Gutierrez, CEO of Colorado-based MedPharm, a lot of effort will be used to legalize cannabis through Congress.
Challenging the federal government’s prohibition through the court systems has not been successful due to a number of reasons. Nevertheless, this has not dimmed down the possibility of a victory.
Cannabis stakeholders believe that reform could happen through rescheduling it to a Schedule 2 drug or lower. For such a decision to be successful, it would require involvement from the U.S. Food and Drug Administration (“FDA”) and Drug Enforcement Administration (“DEA”). Both agencies are somewhat cannabis friendly, and the newest FDA commissioner is a supporter of medical research of marijuana.
Other factors that could influence rescheduling include the country’s rescheduling stance at the United Nations and the DEA awarding licenses that allow many more entities to grow cannabis for federally approved research.
Regardless of which branch of the feds take the lead in bringing about cannabis policy change, the entire industry and sector actors such as Cannabis Strategic Ventures Inc. (OTC: NUGS) would be glad to see an end to federal marijuana prohibition and its current barriers to the sector.
NOTE TO INVESTORS: The latest news and updates relating to Cannabis Strategic Ventures Inc. (OTC: NUGS) are available in the company’s newsroom at http://cnw.fm/NUGS
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer
