ReportWire

Tag: John Hudak

  • What Can Consumers Expect From Marijuana Rescheduling

    What Can Consumers Expect From Marijuana Rescheduling

    [ad_1]

    Most of the industry has been thrilled with the progress of rescheduling.  But for the 40+ million who consume – what does it mean in real world terms?

    The federal government took a big step toward rescheduling marijuana from a Schedule 1, which is a dangerous drug with zero medical benefits, to to Schedule III such as ketamine, Tylenol with codeine, and anabolic steroids.  The industry is excited at the progress, the benefits will include the ability to have simple tax write off like any other normal mom and pop business.  But what can consumers expect from marijuana rescheduling.

    RELATED: Beer Sales Flatten Thanks To Marijuana

    Two longer term benefits. With a Schedule III classification, medical researchers may find it easier to obtain the necessary approvals and funding for studies.  With existing work, scientist have just began uncovering how the plant can help the body.  By better understanding of the compound’s potential, better treatments will be available for a variety of health issue. The pharmaceutical industry, the major leader in research, stands to gain from increased research opportunities.

    It also will move the medical industry closer into viewing cannabis as a legal, useful tool in treating patients. This could play a part in weaning physicians from using opioids for pain and using something developed from cannabis which is much less addictive.

    Another benefit is it allows legal businesses a bit more breathing room and some expansion, even in the short term. The hope is to push out the grey players who are causing issues. One which is the flow of premade products from maker to seller to consumer, currently – some cut corners and products are not quite the same as on traditional store shelves. Rescheduling will allow more oversight and safer products.

    “Legalization represents a pivotal shift towards a safer, more accessible, and consumer-friendly cannabis market,” said, Bob Groesbeck, Co-CEO Planet 13. “Legalization would not only have significant economic implications but would also greatly benefit cannabis consumers. “With legal status ensuring that products undergo rigorous testing for safety and quality, consumers can confidently access products that meet stringent standards.

    RELATED: Cannabis Industry Employs The Same As These Companies

    One benefit not seen in the near horizon is a lowering of prices. As a growing industry, most mom and pop need the extra cash to stabilize and grow. So while sales may happen, the benefit for the consumer is a healthy shop/product maker which will be around longer.

    “Cannabis policy is a burning question with a small minority of the public but data show that in congressional campaigns, the vast majority (nearly 90% of candidates) never mention cannabis policy in public. That suggests that most voters are focused on different issues. Despite that, the current cannabis rescheduling petition before the federal government, and initiated by President Biden, is moving at lightning speed compared to every other cannabis rescheduling petition before it.” shared John Hudak,  Director, Maine Office of Cannabis Policy.

    [ad_2]

    Terry Hacienda

    Source link

  • THE DEA DECIDES TO RESCHEDULE MARIJUANA

    THE DEA DECIDES TO RESCHEDULE MARIJUANA

    [ad_1]

    In a historic move the Drug Enforcement Agency announced it plans to reschedule cannabis.  Monumental shift in the marijuana industry.

    After three years of waiting for President Biden to fulfill his promise of doing something about legal cannabis, the Drug Enforcement Agency (DEA) announced its plan to reschedule cannabis. This follows the recommendations from Health and Human Services (HHS) and the Food and Drug Agency (FDA).  They are sending their recommendation to the White House Office of Management and Budget for review of the impact on the budget. The shifts acknowledged the medical benefits of cannabis and can pave the way for PTSD treatment for veterans, something the President and Senator Patty Murray (D-WA).

    RELATED: Science Says Medical Marijuana Improves Quality Of Life

    “Moving to Schedule III is the single biggest thing that can happen to the US cannabis industry. It removes the 280E tax burden, increases medical research, and opens the investor base. Today is truly a tipping point for this burgeoning industry.” declared Jesse Redmond, Managing Director at Water Tower Research.

    “This historic move from the Biden Administration to reclassify cannabis from Schedule I to Schedule III reflects changes in the scientific and medical understanding of cannabis. It echoes moves in other countries around the world. Domestically, it lays the groundwork for federal tax benefits for the cannabis industry, as cannabis businesses will be treated like other businesses with regard to deductions and credits. It will also lower the costs and hurdles of conducting research on the plant and its products. Despite skeptics arguing that this spells the beginning of the end of the cannabis industry as we know, those doomsday scenarios fail to answer a basic question: why would the Biden Administration want to crack down on a substance that it classifies as “less dangerous” when it refused to crack down on the substance when it was a Schedule I substance? Little, if anything, will change at the state regulatory level, but that should not take away from the historic nature of this decision. Cannabis has been a Schedule I substance for 54 years, and despite multiple opportunities to reclassify it in decades’ past, today is the first time the US Government has been willing to say otherwise” shares John Hudak, Director, Maine Office of Cannabis.

    Hudak is widely respected in the industry and has been a thought leader for the growing industry. The move reclassifies cannabis from Schedule 1 of dangerous drug with zero medical benefits to to Schedule III such as ketamine, Tylenol with codeine, and anabolic steroids. The timing is still unsettled, but there is hope it will have an impact in 2024.  The industry as been struggling under schedule III despite a huge growth of consumers.  This will also open the door more for mainstream companies to become involved in the market.

    RELATED: Marijuana MicroDosing Can Improve Mundane Tasks

    “While this is great news for the cannabis industry, it’s too early to break out the Champagne,” said Lonnie Rosenwald, Partner at Zuber Lawler, LLP. “We don’t know yet when rescheduling will occur, or, perhaps more important, when the tax changes will take effect.  For companies and entrepreneurs considering entering the industry, rescheduling alone should provide an incentive to launch their businesses. But existing cannabis businesses will have to wait to see whether they’ll be able to deduct business expenses on their 2024 or 2025 returns. We expect answers to these questions in the coming weeks.” says Lonnie Rosenwald, an attorney for Zuber Lawler, a national law firm which covers the cannabis industry.

    This is a historic shift for the federal government and puts in more in line with the American Medical Association, most medical professionals, Canada and the general public.

     

    [ad_2]

    JJ McKay

    Source link