Advocacy News – May 1, 2024
What’s New: This week, news broke that the U.S. Drug Enforcement Administration (D.E.A.) may consider reclassifying cannabis as a less dangerous drug, moving from a Schedule I to Schedule III.
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Under the proposal that was circulated by the Attorney General for review internally, it seems recreational use cannabis would not be legalized. However, the D.E.A. has not confirmed this announcement.
What’s next: According to the Associated Press, the declassification would still undergo a number of steps before finalization. The rule would have to be approved by the White House Office of Management and Budget before the department opens the rule to public comment. After public comment and review by a judge, the rule would be finalized.
What we’re saying: We hope this move will encourage Congress to continue the consideration of the SAFER Banking Act and the policies it would legalize, like allowing cannabis companies to eliminate banking in cash and instead work directly with financial institutions.
For questions or more information, please contact Leah Robinson at lrobinson@michamber.com.