Rescheduling marijuana to a less restrictive category will benefit liberty and public health
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President Trump signed an executive order today intended to fast track the rescheduling of cannabis from a Schedule I substance, the same as heroin, to Schedule III. According to the Drug Enforcement Agency (DEA), Schedule III substances are defined as “drugs with a moderate to low potential for physical and psychological dependence.”
CEI Director of Finance Policy John Berlau said:
“President Trump’s Executive Order calling for the rescheduling of marijuana to a less restrictive category should be applauded by everyone seeking to reduce government paternalism and the criminalization of individual choices. While 80 percent of states and Washington, D.C. have legalized medical marijuana and 24 states have legalized recreational marijuana, the Drug Enforcement Agency’s categorization of the substance under the most restrictive Schedule I category – the same category as heroin – has created confusion for many industries in dealing with marijuana. Rescheduling the drug to Schedule III – still a more restrictive category than many opiates – will do a world of good for both liberty and public health by needed legal certainty for interactions with marijuana firms.
“Today, banks and credit unions are reluctant to offer basic financial services to marijuana firms that follow state marijuana laws – from holding deposits to issuing credit and debit cards – because marijuana is still under the Schedule I restriction of federal law. This has resulted in marijuana firms that are legal at the state level being forced to do business in cash and hold large volumes of cash, which has attracted violent crime.
“The rescheduling means that industries — from pharmaceuticals to agriculture to banking – will have more certainty in potential involvement in marijuana production and distribution. The involvement of these industries in the legal marijuana sector will lead to more innovation, including innovation that could result in safer marijuana products as well as marijuana-based medicines that could more effectively treat patients. The DEA and other agencies cited in the EO should move rapidly to take this long-overdue step to advance liberty, health and safety, and economic growth.”
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