Excellent reporting by journalist Ellen Dennis in the The Spokesman Review discusses the U.S. government’s efforts to reclassifying marijuana as a less harmful drug.
The U.S. Attorney General circulated a proposal to reclassify marijuana from Schedule I to Schedule III drug. If finalized, this change in classification by the U.S. Department of Justice would federally recognize the medical use of cannabis. It would also ease banking regulations, thus making it far more manageable for pot shops to do business.
What Do the Drug Schedule Levels Mean?
Schedule I substances are defined by the federal Drug Enforcement Administration as drugs with no currently accepted medical use and a high potential for abuse. Right now, marijuana is a Schedule I Drug. It lists alongside heroin, peyote, lysergic acid diethylamide (LSD), and 3,4-methylenedioxymethamphetamine (ecstasy), methaqualone.
Schedule II drugs are defined by the government as dangerous drugs with a high potential for abuse. Examples of Schedule II drugs include fentanyl, oxycodone (Oxycontin), methamphetamine, Adderall and Ritalin. Schedule III substances are defined as drugs with a moderate-to-low potential for physical and psychological dependence. Examples of Schedule III drugs include ketamine, anabolic steroids and testosterone.
What Would Rescheduling Do?
According to the article, rescheduling the drug would be a huge positive for people who work in the weed industry. It would open up federal funding, government loans and access to government emergency relief funds. Rescheduling would also help break down stigma surrounding cannabis.
That’s helped fuel fast growth in the marijuana industry, with an estimated worth of nearly $30 billion. Easing federal regulations could reduce the tax burden that can be 70% or more for businesses, according to industry groups. It could also make it easier to research marijuana, since it’s very difficult to conduct authorized clinical studies on Schedule I substances.
The Secure and Fair Enforcement Regulation Banking Act is a proposed federal law that would ensure that all businesses – including state-sanctioned weed stores – have access to deposit accounts, insurance and other financial services.
Currently, Pot Shops in Washington by law may only take payments in cash form, leaving them vulnerable to armed robberies. Some store owners across the state have done their best to keep the environments safe for workers, including installing panic buttons behind the counters and ramping up security systems, but the best way to bolster safety would be to allow cannabis sellers to accept debit and credit card payments, industry players say.
It is possible that rescheduling could allow the cannabis industry to claim business deductions on federal tax forms, since the Internal Revenue Service doesn’t allow that for any business that sells a Schedule I controlled substance.
Please contact my office if you, a friend or family member are charged with a Drug Offense or any crime. Hiring an effective and competent defense attorney is the first and best step toward justice.
