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DEA Delays Marijuana Reclassification

Ryan Allway

July 22nd, 2016

Policy, Top News

The Drug Enforcement Administration (DEA) said that it expected to issue its decision on the reclassification of marijuana during the first half of the year in a letter to U.S. senators earlier this year. Despite several senators pushing the agency to make a decision, the July 1 deadline has passed and it seems that the decision has been delayed yet again.

Changing marijuana’s classification from a Schedule I controlled substance would acknowledge the drug’s medical value and open the door to wider usage among doctors and patients. With clinical trials from companies like GW Pharmaceuticals [stockquote symbol=GWPH] showing efficacy, many experts find it surprising that the drug remains in a category that has “no currently accepted medical use in treatment in the United States”.

A schedule II classification would open the door to synthetic marijuana pills designed to combat conditions like epilepsy and potentially reduce chronic pain. In addition, the move could open the door to much wider research into what makes cannabinoids so powerful. The downside for existing companies in the space is that big pharmaceutical companies could begin to flex their muscle and enter the space, while existing marijuana businesses would need FDA approvals.

Many marijuana advocates are hoping that the drug will be descheduled completely, although that outcome seems significantly less likely. The move would open the door to recreational legalization throughout the United States, while regulation would shift to other organizations as it has with tobacco and alcohol.

The DEA is under no deadline to issue its new guidance, but experts are hoping to see news by the end of the year with a Schedule II classification appearing to be most likely.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

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