Cannabis Will Officially Be Rescheduled to Schedule 3

President Donald Trump has signed an executive order, text here rescheduling cannabis as a schedule 3 substance under the Controlled Substances Act.  

Edit: It does not reschedule cannabis itself - it directs the Attorney General Pam Bondi to expedite the process of doing so.  There's already a lot of people against this, so hopefully it actually gets done soon.  I also hope this wasn't just for political posturing and is actually fought for during the process, as it looks like it will need to be. 

I want to start off as clarifying for some folks that rescheduling does not legalize the product.  It recognizes the benefits, and opens the door to research as it stands.  According to google, it doesn't even technically legalize the medical usage at the federal level?  If this is the case, I find that a shame personally.  As I was personally under the impression it would legalize the medical side of the product at the federal level as long as it goes through the state legal programs.  I think as we go through the official process this could change, or be addressed, to which I hope it is.  Clarification is key here.

After reading the Executive Order, it sounds a lot of the same, but some things I didn't think would happen, which I think indicates bigger things for the industry as a whole than a lot realize.  This being the small carve out for hemp.  It states in the Executive Order the following: 

(b)  The Assistant to the President and Deputy Chief of Staff for Legislative, Political, and Public Affairs shall work with the Congress to update the statutory definition of final hemp-derived cannabinoid products to allow Americans to benefit from access to appropriate full-spectrum CBD products while preserving the Congress’s intent to restrict the sale of products that pose serious health risks.  This will include consultation with appropriate executive departments and agencies and authorities to develop a regulatory framework for hemp-derived cannabinoid products, including development of guidance on an upper limit on milligrams of THC per serving with considerations on per container limits and CBD to THC ratio requirements.  The Secretary of Health and Human Services, the Commissioner of Food and Drugs, the Administrator of the Centers for Medicare and Medicaid Services, and the Director of the National Institutes of Health shall develop research methods and models utilizing real-world evidence to improve access to hemp-derived cannabinoid products in accordance with Federal law and to inform standards of care.

The way I read this, it seems as if they could change the maximum amount allowed in hemp derived THC items to a higher amount than was recently signed in the re opening of the government.  I could be wrong in my interpretation of this text, in which case I do apologize.  But this does lead me to believe we could see some actual quantifiable amounts of THC being legal at the federal level with this - as these CBD/THC products are no longer technically part of the Controlled Substances act if derived from hemp and meet specific guidelines - with which it sounds like these guidelines could be adjusted through the process of rescheduling at schedule 3.

This order, however is indeed history making as no changes to the CSA regarding cannabis have been made since it was originally placed on the list at schedule 1 in 1970.

I believe this is a step in the right direction, and not the end all be all, but it must be noted that the President himself said that no one should be using any power controlled substances recreationally; so that's a major red flag when it comes to legalization itself - although I'm sure his stance could eventually change on this.  It's a touchy subject for a lot, and as research comes out maybe it will actually indicate recreational use is beneficial to some people.  To which I do think something along those lines will happen, I'm pretty skeptical about this administration completely legalizing the plant unless it passes both houses and arrives on his desk proving the demand by the people.

Here's to hoping within the next 8 years we see descheduling or some form of personal possession being decriminalized if not legalized, as I think it will be a major topic of discussion during the next presidential election specifically. Maybe by midterms, but I doubt that, since we just got rescheduling.  Also, the President has stated in the past he doesn't believe people should be arrested and jailed for small amounts of personal use.

Here's to the future! Big news today! A big W for personal freedoms!

-Scott Petheram