Cannabis
Jan. 5, 2024
Unveiling the pitfalls of proposed cannabis rescheduling and banking protections
The SAFER Banking Act and rescheduling of cannabis could keep the industry in a state of partial reform, and may hinder full legalization efforts since opponents would likely argue the measures sufficiently address the need for reform.
In a landmark development for the cannabis industry, the Department of Health and Human Services (HHS) recommended in August that the Drug Enforcement Administration (DEA) reschedule cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). The rescheduling recommendation reflects an ongoing trend in the evolving federal viewpoint on cannabis, which has been categorized for over 50 years on the CSA as having accepted medical use and a high po...