(This story was up to date at 4:27 p.m. ET with remark from the Congressional Hashish Caucus.)
President Joe Biden made historical past on Friday when he grew to become the primary American president to sign marijuana-specific reform legislation into law.
Biden affixed his signature to the bipartisan Medical Marijuana and Cannabidiol Analysis Growth Act, the White Home introduced.
The landmark laws, which is meant to make it simpler for scientific researchers to review the plant, additionally calls on the federal authorities to look into the potential therapeutic advantages of marijuana and will thus assist steer the ongoing rescheduling review Biden launched in October.
Co-sponsors of the invoice embody Sens. Chuck Grassley, R-Iowa, and Dianne Feinstein, D-California, in addition to key members of the Home who help marijuana reform, together with U.S. Rep. Earl Blumenauer, D-Oregon, Nancy Mace, R-South Carolina, and Dave Joyce, R-Ohio.
The primary marijuana reform invoice to be passed by both chambers of Congress after it cleared the Senate final month through a course of known as unanimous consent, the invoice permits analysis universities – together with people who obtain federal funding, which, to this point, have been cautious of coping with the federally unlawful drug – in addition to non-public firms to accumulate U.S. Drug Enforcement Administration licenses to develop and deal with hashish for analysis functions.
There are presently only seven institutions with DEA permits to develop hashish for analysis.
The invoice additionally straight instructs the federal Division of Well being and Human Providers (DHHS) to analysis “the therapeutic potential of marijuana,” although it additionally requires the company to review how hashish may impair the event of adolescent brains in addition to the flexibility to function a motorized vehicle.
‘Monumental step’
“Right now marks a monumental step in remedying our federal hashish legal guidelines,” U.S. Reps. Blumenauer, Dave Joyce, R-Ohio, Barbara Lee, D-California, and Brian Mast, R-Florida – all co-chairs of the Congressional Hashish Caucus – mentioned in a press release late Friday.
The invoice probably opens up a brand new line of enterprise for corporations pursuing cannabis-based therapies, together with pharmaceutical giants.
And if the analysis is profitable, it will definitely might result in marijuana-based merchandise marketed and bought utilizing medical claims primarily based in science, with out working afoul of the U.S. Meals and Dru Administration.
“Analysis is foundational for the trail ahead on hashish coverage,” the lawmakers added.
“We have fun the enactment of this vital and long-overdue laws, and we all know there may be way more to do to treatment the continued harms of the failed battle on medicine.”
The historic second comes on the heels of Biden’s requested rescheduling overview, and this invoice might have a direct and vital impression on that course of.
Each the U.S. Division of Justice and DHHS are on discover to overview whether or not their stances on hashish are according to present science and the legislation.
Marijuana stays a Schedule 1 managed substance, categorized as harmful and addictive as heroin, a designation that additionally ensures MJ companies can’t deduct typical business expenses on their taxes and complicates in any other case easy duties resembling accessing banking companies.
When figuring out what suggestions to make on the place marijuana must be positioned within the Managed Substances Act, “we’re going to try what science tells us and what the proof tells us,” DHHS Secretary Xavier Becerra mentioned at a Friday occasion unrelated to Biden’s signing.
The brand new legislation additionally permits docs to debate the “potential harms and advantages” of hashish with their sufferers.
Extra reform on the desk
The analysis invoice is the primary of a number of marijuana reform measures currently under consideration by this lame-duck Congress to succeed in the president’s desk.
Additionally on Friday, hashish shares jumped after a spherical of recent hypothesis that there could be motion on SAFE Banking, a invoice that will prohibit federal banking regulators from punishing monetary establishments that open accounts for state-legal marijuana companies.
The SAFE Banking Act handed the Home a number of instances. However the measure stays stalled within the Senate, the place it presently has 42 co-sponsors, together with 9 Republicans within the 50-50 Senate.
Sixty votes are required to beat the filibuster and advance controversial laws below Senate guidelines.
Chris Roberts may be reached at chris.roberts@mjbizdaily.com.
