This post is presented by our media partner Cannabis News Wire
View the original article here.
States with medical cannabis markets have begun sharing data with the Biden administration to aid in the government’s review of marijuana’s federal classification. While more than 30 states may have legalized medical cannabis use over the past two decades, cannabis still remains illegal at the federal level, classified as a Schedule I drug with no medical applications alongside dangerous drugs like heroin, and cocaine.
However, the fact that cannabis has several proven medical applications and is already being used by millions of Americans for therapeutic reasons shows that cannabis doesn’t belong in the same class as cocaine or heroin. Efforts to legalize the plant at the state level have been quite successful, but it doesn’t seem federal legalization will happen any time soon.
Still, regulators are taking their time reviewing federal cannabis policies, and the medical cannabis data provided by states will be sure to aid their efforts. MJBizDaily recently reported that the Department of Health and Human Services (HHS) and the U.S. Food and Drug Administration (FDA) acquired this critical data from at least five medical marijuana states. The data will let federal researchers obtain a much more comprehensive look into cannabis use in America and the controversial plant’s potential as a medication than any peer-review study would allow.
President Joe Biden ordered a review of the country’s federal cannabis policies in late January and asked the secretary of the HHS and the U.S. attorney general to begin the review process. He said that Schedule I of the Controlled Substances Act where cannabis is classified is meant for the “most dangerous substances,” noting that it is a higher classification than methamphetamine and fentanyl, which are both playing a key role in America’s overdose epidemic.
Officials from Massachusetts, Maryland, Utah, Illinois and Minnesota, the states which shared their medical cannabis data, hope they can help accelerate the review of the Controlled Substances Act (CSA) because it is the sole barrier to legalizing cannabis at the federal level.
Federal prohibition makes it extremely difficult for cannabis businesses to operate as it prevents them from accessing banking services, tax relief and even capital. It also prohibits interstate cannabis commerce and forces each state market to be its own ecosystem.
If the ongoing review results in marijuana’s removal from Schedule I of the CSA, it could result in lower federal cannabis taxes, significantly greater access to financial services and capital and interstate commerce. It could even pave the way for federal legalization.
Over time, marijuana has demonstrated its medical potential, which is probably why companies such as IGC Pharma Inc. (NYSE American: IGC) are willing to stake millions of dollars to research and develop THC-based formulations for chronic pain. These formulations are expected to go through the FDA-approval process before being put on the market.
NOTE TO INVESTORS: The latest news and updates relating to IGC Pharma Inc. (NYSE American: IGC) are available in the company’s newsroom at https://cnw.fm/IGC
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CNW420.com
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer
Do you have questions or are you interested in working with CNW420? Ask our Editor
CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com
CNW420 is part of the InvestorBrandNetwork.
This post was originally published by our media partner here.
