MJBizMag March 2022 - 30

Potential
All three branches of the U.S. government
have the power to reform cannabis law.
Which will be first to cross the finish line?
S
omething's going
to give, and soon.
That's the forecast
from many cannabis
industry observers for
federal marijuana reform.
The real question is how.
" I think we'll see some
substantial reform before
the midterms and certainly
before this Congress is out, "
predicted Steve Hawkins, executive
director of the U.S. Cannabis Council
(USCC). He said he was " very optimistic "
that there were enough votes in both
chambers of Congress to at least
pass banking reform. " There's strong
consensus for banking and potentially
some other measures-either through
appropriations or tax relief. "
If Hawkins is right, at this time
next year, marijuana businesses
will be operating in an environment
substantially different than what exists
today. That is, an environment where
there should be legal and regulatory
consistency-at least to some degree.
30 March 2022 | MJBizMagazine
What that environment
Steve Hawkins
will look like depends
on what pathway reform
takes. In the following
pages, MJBizMagazine
explores the three
likeliest pathways to
reform-and what each
one would mean for
marijuana business
executives:
* An act of Congress.
* Executive decision or rescheduling.
* Legal challenges through
the courts.
While each pathway leads to reform,
the consequences for cannabis
businesses will be significantly
different.
Congressional Action
Hands-down, the most preferred path
to reform is through Congress, where
lawmakers have several bills to consider.
Some legislation aims at comprehensive
reform and goes as far as establishing
a taxed and regulated market, while
Most cannabis executives agree that
federal marijuana legalization is still
years away. But incremental changes
such as passage of the SAFE Banking
Act could come sooner-and greatly
improve the way marijuana companies
do business. Reform could take one of
many directions, including:
* Members of Congress seem more
willing than ever to compromise on
cannabis reform. Some previously
introduced legislation would offer
veterans access to medical marijuana
and provide states with funds for
conviction-expungement efforts.
* Rescheduling marijuana from
Schedule 1-reserved for highly
addictive drugs with no medical
value-to Schedule 2 or lower could
open the doorway to federally
approved medical research. Such
a move would likely prompt the
government to increase the number
of cultivation licenses approved
by the U.S. Drug Enforcement
Administration and potentially clear a
path to market for cannabis-derived
medicines.
* Several court cases intended to strike
down federal marijuana were lost
on technicalities in recent years. But
many attorneys believe a successful
case is possible by exhausting other
administrative avenues and making
the right argument.
By Omar Sacirbey
fo Changer
MJBizMag March 2022

Table of Contents for the Digital Edition of MJBizMag March 2022
