State attorneys general urge DEA to reschedule marijuana

Darren415/iStock via Getty Images A group of 12 Democratic state attorneys general sent a letter to the Drug Enforcement Administration (DEA) on Friday to reschedule cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA). Rescheduling marijuana is “the next step in the move towards a more accountable cannabis policy,” they wrote in a letter to DEA Administrator Anne Milgram on Friday.

Currently, cannabis is classified as a Schedule I substance alongside dangerous drugs like heroin and LSD, and rescheduling will see it moving to Schedule III, a low risk category for medications like Tylenol and ketamine. Led by Colorado Attorney General Phil Weiser, the group highlighted the U.S. Department of Health and Human Services’ (HHS) recent recommendation for rescheduling “in the interest of public health and safety.” “For these reasons, we encourage the DEA to implement a final rule rescheduling cannabis to Schedule III based on the Federal Drug Administration’s scientific and medical conclusions,” they added.

“We see this as a public safety imperative and write in support of this policy change.” The group represented attorneys general from Colorado, California, Connecticut, Delaware, Illinois, Maryland, Massachusetts, Nevada, New Jersey, Pennsylvania, Oregon, and Rhode Island. In December, governors of six states jointly wrote a letter to President Joe Biden, urging the administration to ensure marijuana was rescheduled by the end of last year.

Early this month, cannabis stocks rallied amid reports that the DEA was conducting its review for rescheduling. U.S. MSOs: MedMen Enterprises ( OTCQB:MMNFF ), Curaleaf Holdings ( OTCPK:CURLF ), Acreage Holdings ( OTCQX:ACRHF ), Cresco Labs ( OTCQX:CRLBF ), Green Thumb Industries ( OTCQX:GTBIF ), Trulieve Cannabis ( OTCQX:TCNNF ), Ayr Wellness ( OTCQX:AYRWF ), TerrAscend ( OTCQX:TSNDF ), Clever Leaves ( CLVR ), Flora Growth ( FLGC ) Canadian Licensed Producers: Canopy Growth ( CGC ), Tilray ( TLRY ), Cronos ( CRON ), Aurora Cannabis ( ACB ), SNDL Inc.

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