The National Cannabis Roundtable Discusses Historic Recommendation to Reschedule Cannabis

The team from the National Cannabis Roundtable (NCR) joins the Karson Humiston to discuss the recent historic recommendation to reschedule cannabis from Schedule 1 to Schedule 3. The episode begins with an overview of the background and context of the recommendation, including the previous speculation about the HHS recommendation and the release of hundreds of pages of documents confirming the recommendation.

The NCR team, consisting of Saphira Galoob, Erin Moffet, and David Mangone, provides insights into the significance of the recommendation and its potential impact on the cannabis industry. They explain that the recommendation is a major milestone as it marks the first time a government entity has officially confirmed the need to move cannabis to Schedule 3. They emphasize that this recommendation aligns with the existing state programs and the growing acceptance of cannabis as a medical treatment.

The discussion delves into the process of rescheduling cannabis, highlighting the eight-factor analysis conducted by the Health and Human Services (HHS) and the role of the DEA in implementing the recommendation. The team addresses concerns about potential negative reactions from the DEA and the impact on DEA funding. They explain that while there may be some opposition, the robust scientific analysis and the support from other federal agencies, such as the National Institute of Drug Abuse (NIDA), provide a strong foundation for the recommendation.

The team also addresses questions about the timing of the DEA's response and the potential enforcement of the illicit market. They explain that the timing is uncertain, but the process is progressing steadily, and the DEA's response is expected to align with the HHS recommendation. Regarding enforcement, they clarify that the DEA's focus is primarily on illicit grows and that the rescheduling would not change the current restrictions on state-legal cannabis businesses.

The episode concludes with a discussion about the future of the cannabis industry and the investment landscape. The team encourages investors to consider the long-term potential of the industry and the progress being made in terms of federal reform. They acknowledge the challenges and uncertainties but emphasize the historic nature of the current developments and the opportunities for growth and success in the industry.

Overall, the episode provides a comprehensive analysis of the recent recommendation to reschedule cannabis and offers insights into the potential implications for the cannabis industry. The NCR team's expertise and knowledge contribute to a nuanced and informative discussion that will be valuable for industry professionals, investors, and anyone interested in the evolving landscape of cannabis policy.

https://nationalcannabisroundtable.org/

00:00:14 - Introduction to the Podcast
00:00:25 - National Cannabis Roundtable Guests
00:00:57 - HHS Recommendation on Cannabis Scheduling
00:02:03 - Why Not Deschedule Cannabis?
00:03:41 - Release of Documents Under FOIA
00:05:07 - No Confirmation on DEA's Stance Yet
00:05:58 - Historical Precedent for DEA Recommendations
00:08:36 - Attorney General's Position on Cannabis Enforcement
00:12:06 - HHS's Analysis and Schedule III Criteria
00:13:04 - Significance of HHS's Acknowledgment of Medical Use
00:16:16 - Audience Questions: DEA's Timeline and Public Comment Period
00:22:16 - DEA Funding and Enforcement Post-Scheduling Change
00:26:55 - Public Discourse Impact on DEA Reaction
00:31:10 - Investment Considerations in the Cannabis Industry
00:37:11 - DEA's Potential Reaction to Public Discourse and Illicit Market Enforcement
00:40:09 - DEA Funding Concerns and Illicit Market Enforcement Post-Scheduling Change
00:42:51 - DEA's Reaction to Public Discourse on Cannabis Scheduling
00:48:12 - Investment Strategy in the Current Cannabis Industry Climate
00:52:54 - How to Get in Touch with NCR and Closing Remarks

Quotes:

"Hey everybody and welcome back to another episode of the Proud to Work in Cannabis podcast." - 00:00:14-00:00:24

"This is exciting because a lot of the work that we've been doing is starting to really start to pay off." - 00:00:35-00:00:46

"So on Friday, the U.S. government released hundreds of pages of documents related to its ongoing review of cannabis status under federal law." - 00:01:07-00:01:18

"This is really a big deal because this is the first time that a government entity has come out and confirmed that we want to move cannabis from Schedule 1 to Schedule 3." - 00:01:29-00:01:39

"The fact that we did get confirmation from Health and Human Services that a Schedule III was a recommendation is not only historic and outstanding, but it really was what the criteria would have allowed us to get to." - 00:03:10-00:03:20

"The release of the documentation was actually the result of a request under something called the Freedom of Information Act or FOIA." - 00:03:41-00:03:52

"The largest health agency in the U.S., globally recognized, has determined a medical significance, its currently accepted medical use of cannabis, and gone through its analysis in our favor." - 00:05:17-00:05:28

"I can't imagine a scenario where this would be different. Of course, there is a possibility, and in fact, this document even makes note of this on the first page." - 00:07:57-00:08:07

"It is pretty illogical to think that his position would change now that there is this acknowledgment by another federal agency." - 00:09:24-00:09:34

"This is unprecedented, where you have such an established regulated industry for something that is scheduled in this way, that then is trying to move, move down." - 00:13:15-00:13:25

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Watch Video - https://www.youtube.com/channel/UCNZI8qZy0lKxLO4OTk6P-tw

Karson Humiston - https://www.linkedin.com/in/karson-humiston-64572b97/

Vangst - https://vangst.com/

Recorded on Squadcast

Sound Design by Jamie Humiston