Legal Steps for Rescheduling Cannabis to Schedule III: An Exclusive Interview with Aaron Bloom

The Future of Cannabis: Rescheduling, Regulations, and Opportunities for Investors

In a groundbreaking interview with Benzinga Cannabis, Aaron Bloom, CEO of DocMJ and a prominent attorney in the cannabis industry, discussed the potential rescheduling of cannabis to Schedule III in the Controlled Substances Act. This move could have far-reaching implications for the industry, including changes in regulations, opportunities for investors, and challenges for businesses.

Bloom highlighted the bureaucratic road map for rescheduling cannabis, noting that the DEA’s decision to move cannabis from Schedule I to Schedule III would mark a significant shift in federal policy. This change could lead to tax benefits for cannabis companies, such as the ability to deduct expenses like normal businesses, potentially saving them millions of dollars. Companies like Trulieve could see a significant increase in cash flow as a result.

Furthermore, the rescheduling would pave the way for DEA-authorized studies on the benefits of cannabis, opening up new opportunities for research and development. New federal regulations would outline how practitioners can interact with cannabis, including prescribing and dispensing protocols.

One of the key challenges ahead is the public comment and legal challenges that may arise during the regulatory process. Bloom emphasized the importance of public input and the potential for lawsuits challenging the new regulations. The timing of these changes could also be affected by potential shifts in administration.

Despite these challenges, Bloom remains optimistic about the future of cannabis. He believes that state medical and recreational programs can coexist with a federal medical program, potentially leading to pharmacies like Walgreens dispensing cannabis in the future. However, FDA approval and insurance coverage are crucial steps that need to be taken before this can become a reality.

Overall, the rescheduling of cannabis to Schedule III could have a significant impact on the industry, opening up new opportunities for investors and businesses alike. With the potential for insurance coverage, standardized packaging, and FDA approval, the future of cannabis looks promising for those willing to navigate the changing regulatory landscape.

To learn more about the cannabis business and how to invest in the sector, consider attending the 19th Benzinga Cannabis Capital Conference in Chicago this October. Engage with top executives, investors, policymakers, and advocates to explore the industry’s future and secure your tickets now before prices increase.