The proposal would move marijuana from the “Schedule I” group to the less tightly regulated “Schedule III."What has actually changed? What happens next?must be reviewed by the White House Office of Management and Budget, and then undergo a public-comment period and review from an administrative judge, a potentially lengthy process.
They're subject to various rules that allow for some medical uses, and for federal criminal prosecution of anyone who traffics in the drugs without permission. “Put simple, this move from Schedule I to Schedule III is not getting people out of jail,” said David Culver, senior vice president of public affairs at the U.S. Cannabis Council.
“It’s going to be really confusing for a long time,” said Ziva Cooper, director of the University of California, Los Angeles Center for Cannabis and Cannabinoids. “When the dust has settled, I don’t know how many years from now, research will be easier.” The deduction rule doesn't apply to Schedule III drugs, so the proposed change would cut cannabis companies' taxes substantially.
Rescheduling wouldn't directly affect another marijuana business problem: difficulty accessing banks, particularly for loans, because the federally regulated institutions are wary of the drug's legal status. The industry has been looking instead to a Are there critics? What do they say?