In a groundbreaking move, the Drug Enforcement Agency (DEA) announced on Tuesday that it would reschedule marijuana from Schedule I to Schedule III. This shift in classification has been met with celebration by businesses like The Landing Dispensary in Norwood, Ohio, and patients who use cannabis for medicinal purposes.
Abayomi Nelson, general manager of The Landing Dispensary, expressed his excitement about the news. As a patient with bad knees, he uses topical products for inflammation and pain relief without the psychoactive effects of cannabis. The shift in classification could have a significant impact on the business and patient community, as more people may feel comfortable using cannabis for medical reasons now that it is being recognized as having some medicinal benefits.
Kevin Hart, founder and CEO of Green Check Verified, believes that this softened stance on marijuana could revolutionize the industry. Green Check Verified connects marijuana businesses to financial institutions by ensuring compliance with state and federal laws. Hart emphasized the importance of financial institutions feeling confident that they are not getting involved in a shady industry when dealing with funds from marijuana businesses. While banking funds from marijuana businesses in federal banks is not explicitly illegal, the potential descheduling of marijuana by the DEA could boost their confidence.
Nelson highlighted how this shift in classification could change the landscape of Ohio’s marijuana industry, allowing for more freedom and opportunities for businesses to expand their operations and reach more customers. While there will be a months-long public comment period before anything is officially changed, this announcement marks a significant step towards legalization at the federal level.