The recent announcement that the U.S. Drug Enforcement Administration (DEA) plans to issue an interim rule to reclassify marijuana from Schedule I to Schedule III marks a turning point in drug policy. This decision, influenced by a recommendation from the Health and Human Services Department, represents an advancement in acknowledging the medical advantages of cannabis and recognizing its lower potential for misuse compared to other controlled substances.
At Fort Lauderdale and Aspen-based public relations agency Durée & Company, we support this change. As a public relations firm specializing in advocating for cannabis, we have consistently championed the medicinal properties of marijuana and advocated for its responsible usage. The DEA’s proposal is in line with the increasing evidence supporting cannabis’ benefits in treating medical conditions such as chronic pain and epilepsy.
The reclassification of marijuana to Schedule III alongside substances like ketamine and specific anabolic steroids would mark the largest change in federal marijuana policy in over 50 years. By recognizing the safety and medicinal value of cannabis, the DEA is taking a step toward reducing the stigma surrounding this plant and broadening access, to its healing properties for patients who can benefit from it.
This action will not only get rid of the taxation of cannabis companies under 280E, which currently prohibits these businesses from deducting established business expenses from their gross income and claiming applicable tax credits, but it will also create research opportunities, safeguard public health and safety, and show that cannabis is becoming more accepted under federal regulations. These changes will have important implications for the industry, not only by significantly improving cash flow for cannabis businesses but also by creating new business opportunities in the short and long term.
Paula Savchenko, Esq., founding partner of Cannacore Group, said, “This is a monumental event for our industry. If the declassifying recommendation is passed then the cannabis industry will finally be banked by large institutions and removes 280E taxation, which prohibits cannabis businesses from taking ordinary business deductions. This would not legalize recreational cannabis use across the country, however. The way institutional banks will treat cash and whether they will offer conventional financing is still up in the air. Also, the door will be opened for the largest cannabis companies to uplist and trade on the American stock exchanges as a US plant touching company.”
Even though fewer restrictions don’t necessarily translate into legalization at a federal level and there are currently more questions than answers about what this all means in practice, this reclassification is important to driving much-needed change. We applaud the DEA for adapting to the evolving views on cannabis. This move not only shows a shift in opinion but also marks a significant departure from outdated drug policies that have unfairly affected marginalized communities for years.
Even though the proposal is still pending review by the White House Office of Management and Budget (OMB), we are hopeful about its implementation. Once OMB gives it the go-ahead, the DEA will start a 60-day period for comments allowing stakeholders to share their thoughts on the plan to reschedule marijuana. This transparent and inclusive process ensures that diverse perspectives are considered as the agency moves forward with this historic change.
We encourage stakeholders from all areas to take part in the public comment period and express their backing for reclassifying marijuana. Together we can contribute towards shaping an evidence-based approach to drug policy that focuses on public health and individual liberties.
Although this is only the first step, this significant move signifies a win for patients, advocates and supporters of drug policy. We eagerly anticipate witnessing the effects of this change as we continue our efforts to advocate for cannabis use and further discussions, around its therapeutic potential.
About Durée & Company, Inc.
Founded in 1999, Durée & Company is a full-service, well-respected and highly creative public relations and marketing agency serving a diverse client base of local, national and international consumer brands, landmark industries, business leaders and philanthropists from its offices in Fort Lauderdale, Florida and Aspen, Colorado. Practice areas include nonprofit, hospitality, business, lifestyle, health and wellness, legal, real estate, yacht and marine as well as cannabis, psychedelics, and other emerging industries. Durée & Company is a member of some of the nation’s most elite professional organizations including PR Boutiques International™ (PRBI), The Cannabis Marketing Association and is a corporate partner of Cannabis LAB. To learn more, call 954-723-9350; go to dureeandcompany.com; cannabismarketingpr.com; or psychedelicpr.com. Join the social conversation and follow Durée & Company on Facebook, Instagram, X, YouTube and LinkedIn at @DureeCoPR.
