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In an era where nations are embracing the possibilities derived from the cannabis industry, the United States is not lacking in its efforts to fully optimize the potentials of this lucrative business. Recently, the US Drug Enforcement Administration (DEA) made a promising move by setting a date for a hearing on rescheduling cannabis, marking a significant step towards possibly revising the legal status of Marijuana on a federal level.
Framing this in the larger picture, cannabis is presently classified as a Schedule I drug by the DEA, placing it beside substances such as heroin in the eyes of federal law. This categorization, in essence, signifies that cannabis is recognized as having no medical use and a high potential for abuse – a precept that most states no longer agree with. This prevailing classification of cannabis has been a significant point of contention, given the broad acceptance and legal usage of the plant in several states across the nation for medicinal and recreational purposes.
With the upcoming hearing, there is renewed hope for a change in the DEA’s stance. If the current schedule is altered, it would denote federal recognition of the potential therapeutic benefits of cannabis, thus opening doors for further research and de-stigmatization of its use. It would also potentially mitigate the legal uncertainty that businesses in this industry experience due to the current discord between state and federal laws.
The potential rescheduling of cannabis couldn’t come at a better time, considering the immense growth being witnessed in state markets. For instance, a report from Arizona shows a substantial rise in the medical marijuana market, with sales ranging over 61 tons, reflecting a 65% increase compared to the previous year. This growth is anticipated to receive another boost following the recent legalization of recreational weed in a referendum held in the state.
Furthermore, states like Maryland are also witnessing an exponential surge in the medical cannabis sector. Its retail sales are projected to hit around $600 million by the end of 2022 – a significant jump from the $250 million seen in 2020.
In New Mexico, lawmakers have voted to legalize recreational cannabis, assuring a controlled, taxable cannabis market. The move will not only aid in the state’s economic recovery but also provide employment opportunities for its citizens.
Lastly, in Montana, lawmakers are in the process of finalizing rules for the recreational cannabis market, following its legalization last year. It’s projected that Montana will see substantial revenue growth from this market, with the potential to create hundreds of jobs.
Overall, the United States is blazing the trail towards fully utilizing the potential of the cannabis market. From potential rescheduling at a federal level to witnessing substantial growth at the state level, the future indeed appears to be green for the cannabis industry. Despite the existing legal disparities and the polarizing opinions surrounding marijuana, the growth and acceptance states are demonstrating are clear indicators of the direction the country is heading.