09/05/2023
Maybe, just maybe we're getting close to being allowed to operate a business like everyone else.
"Cannabis stocks on fire as US health department calls for easing restrictions
The US government is reconsidering how it classifies ma*****na, and cannabis companies are in party mode.
According to reports, the Department of Health and Human Services (HHS) has recommended reclassifying ma*****na as a lower-risk Schedule III drug, from Schedule I, easing restrictions on businesses operating in the sector.
In response, shares of smaller operators Jushi Holdings Inc (CSE:JUSH, OTCQX:JUSHF), Delivra Health Brands Inc. (TSX-V:DHB), Planet 13 Holdings Inc (CSE:PLTH, OTCQX:PLNHF) and 1606 Corp. (OTC:CBDW) rallied 36%, 33%, 18% and 17% respectively on Wednesday.
Bigger players joined in, with Trulieve Cannabis Corp. (CSE:TRUL) jumping 35% and Curaleaf Hldgs Inc. (CSE:CURA, OTCQX:CURLF) gaining 19%.
According to the Ma*****na Moment website, under HHS, the US Food and Drug Administration (FDA) completed a scientific review into cannabis in 2022 following a directive from President Joe Biden. It is now advising the Drug Enforcement Administration (DEA) that it should ease up on restrictions on ma*****na.
Cannabis refers to a variety of plants in the cannabis family, while ma*****na is a specific strain of cannabis that is known for its psychoactive effects. Cannabis can be used for medicinal and recreational purposes, while ma*****na is typically only used for recreational purposes.
As a Schedule III drug, cannabis would still remain federally prohibited. However, the rescheduling would have major implications for researchers who’ve long criticized the Schedule I classification that creates significant barriers to access for studies, Ma*****na Moment noted.
“Following the data and science, HHS has expeditiously responded to President Biden’s directive to HHS Secretary Becerra and provided its scheduling recommendation for ma*****na to the DEA on August 29, 2023,” an HHS spokesperson said in a statement to Ma*****na Moment on Wednesday.
“This administrative process was completed in less than 11 months, reflecting this department’s collaboration and leadership to ensure that a comprehensive scientific evaluation be completed and shared expeditiously.”
For researchers, this would mean that they would no longer need to go through the onerous registration process with DEA in order to access cannabis for studies as a Schedule I drug. National Institute on Drug Abuse (NIDA) director Nora Volkow has been vocal about the issue, saying at one point that she herself avoids researching Schedule I substances due to the barriers.
Bloomberg, which first reported the development, added that NIDA signed off on the HHS ma*****na rescheduling recommendation.
The DEA, which has the final authority to schedule or reschedule a drug under the Controlled Substances Act, said it will now initiate its own review."
Source: Proactiveinvestors.com
