In the United States, medical marijuana is not legal in all states and only half the country’s patients can be treated with cannabis. In addition to this, some advocates in states like Colorado, Washington, Oregon, and Alaska are willing to legalize recreational marijuana. However, all of this could change if the DEA reclassifies the plant away from scheduling. Expectations have increased since the DEA announced that the agency would consider whether or not to reschedule cannabis by June 2016.
The DEA classifies marijuana as a Schedule 1 for having ‘high potential for abuse and not medical benefits’. For the federal government, this plant does not have any beneficial healing qualities, and it is deemed to be illicit. Considering selling cannabis an illegal action, marijuana business are not allowed to take standard deductions. This makes business pay tax on gross profits instead of net profits.
No many financial institutions are willing to deal with cannabis businesses. Medical studies have demonstrated that cannabis has some positives effects in patients with cancer, diabetes 2, ulcerative colitis, and other ailments. Another study carried out by GW Pharmaceuticals consider Epidiolez- a liquid cannabidiol-based formulation, helps to reduce seizure frequency in patients suffering from Dravet syndrome.
Also, doctors like David Cunic, CEO of Pazoo-marijuana testing labs in Colorado-, believes that cannabis could serve as an alternative medico to opiate painkillers. People are looking for alternatives’ he said.
Common sense
For Congressman Jared Polis, reclassifying marijuana is part of ‘common sense. It means allowing good science to be done.
It is expected that the Drug Enforcement Agency (DEA) reclassifies cannabis sometimes within the next couple of weeks. In case the regulatory agency reclassifies cannabis away from schedule, medical marijuana will become immediately legal in all the states of the U.S. this also means that medical marijuana businesses will be allowed to prosper
After the U.S. Food and Drug Administration submitted its recommendation on marijuana’s scheduling to the DEA, the agency administrator Chuck Rosenberg has refused to speak about what that recommendation was.
There are several options for the DEA. The agency could reclassify a scheduling from 2 to 5. If marijuana is schedule between 2 and 5, it will be deemed to have positive medical effects on health, but the drug would still be perceived as addictive. It would be considered more addictive as Scheduled 2 and less addictive as Scheduled 5, meaning that certain substances resulting from the plant might be legal for consumption, but the plant would remain illegal.
Source: Fool