April 23 (Reuters) – The U.S. Department of Justice is immediately loosening restrictions on some marijuana products and accelerating the process of reclassifying the drug as less dangerous in one of the biggest changes to U.S. drug policy in decades.
The Trump administration on Thursday moved FDA-approved marijuana products and state-regulated medical marijuana from a group of drugs classified as highly addictive to one that has a low to moderate potential for abuse.
Here are some comments from company executives and policy experts:
IRWIN SIMON, CEO, TILRAY BRANDS
“Rescheduling has the potential to accelerate clinical research, broaden access and elevate the quality, consistency, and safety standards that establish medical cannabis as a legitimate pillar of modern healthcare.”
KIM RIVERS, CEO, TRULIEVE
“This sends a signal that marijuana should not be in the same classification as heroin, and that there is absolutely an acknowledgement, it’s a requirement for Schedule 3, that there are acceptable medical uses for marijuana.”
INESA PONOMARIOVAITE, FOUNDER AND CEO, NESA’S HEMP
“If this transition is going to deliver real public health benefits, it has to be paired with a commitment to data-driven standards, better education around the endocannabinoid system, and a more collaborative approach across healthcare, regulatory bodies and industry.”
ARAS AZADIAN, CEO, AVICANNA
“Since the initial executive order, we have been preparing for what could be a post rescheduling landscape in the U.S. and the opportunities to advance R&D, clinical development and translate our comprehensive platform for cannabinoid-based medicine from Canada into the U.S. market.”
MELISSA STURGESS, CEO, ANANDA PHARMA
“For Ananda, it means we can speed up our clinical trials and plan to bring a licensed CBD-based medicine to market for the treatment of endometriosis pain. The millions of women suffering from this debilitating condition deserve a non-hormonal treatment that will relieve their suffering.”
TERRY MENDEZ, CEO, SAFE HARBOR FINANCIAL
“We expect this action, along with the broader rescheduling effort currently under review, to drive increased interest from banks and credit unions. As perceived federal risk moderates, more institutions are likely to explore cannabis banking, expanding the addressable market for compliant, technology-enabled solutions.”
ANTHONY CONIGLIO, CEO, NEWLAKE CAPITAL PARTNERS
“This is a partial measure, not full reform. The order does not extend to adult-use cannabis, does not legalize marijuana federally, and does not resolve the industry’s banking challenges. The broader rescheduling proceeding remains critically important, and the upcoming DEA hearing process should move forward on an expedited basis so the market can get the clarity it has been waiting for.”
BETTY ALDWORTH, CO-EXECUTIVE DIRECTOR OF MAPS, CHAIR OF THE MARIJUANA POLICY PROJECT
“If this administration is serious about reform, it must go beyond rescheduling to address criminalization, lifelong restrictions due to arrests, and financial exclusion. Anything less will continue to leave patients, providers, and communities, especially those most harmed by prohibition, waiting for change that never fully arrives.”
BRETT SCHUMAN, CO-CHAIR OF CANNABIS PRACTICE AT GOODWIN
“We can’t forget the many people still sitting in federal prison serving life or other lengthy sentences for non-violent cannabis offenses. Today’s change in federal law requires that those sentences be revisited and, in most cases, commuted.”
MARK LEWIS, PRESIDENT OF SPECIALTY PAYMENTS, LUT
“Dispensary operators still have to figure out how to pay employees, how to accept payments without disruption and how to keep cash flow moving in a system that doesn’t fully support your business. That won’t change overnight, if at all with rescheduling.”
(Reporting by Christy Santhosh, Sriparna Roy, Mrinalika Roy and Puyaan Singh in Bengaluru; Editing by Shilpi Majumdar)
Comments