On the heels of failed hashish banking reform, a bipartisan group of 24 federal lawmakers requested President Joe Biden on Thursday to “acknowledge the deserves of full descheduling” of marijuana.
Marijuana stays a Schedule 1 drug beneath the Managed Substances Act (CSA), which Congress handed and President Richard Nixon signed into legislation in 1970.
The legislation classifies marijuana as addictive as heroin and LSD with no medical worth.
Worse for the $33 billion marijuana business is that the standing additionally means marijuana companies:
- Can’t deduct typical companies bills on their taxes.
- Will not be allowed to file for federal chapter protections.
- Can’t qualify for federal agricultural packages.
- Are too excessive threat for institutional buyers.
- Are denied typical companies supplied by many banks.
The 24 lawmakers reminded Biden that in October he launched the first formal review of marijuana’s standing beneath the CSA, which they known as “a vital and overdue step” that however should be adopted with extra motion.
“Marijuana doesn’t belong in Schedule I of the Managed Substances Act, a classification supposed for exceptionally harmful substances with excessive potential for abuse and no medical use,” the lawmakers wrote.
“The choice to schedule marijuana was rooted in stigma fairly than an evidence-based course of, and it’s time to absolutely treatment this incorrect.
“Whereas Congress works to ship you a complete legalization invoice, the administration ought to acknowledge the deserves of full descheduling.”
Twenty Democrats and 4 Republicans – together with members of the Congressional Hashish Caucus – signed the letter, together with U.S. Sens Elizabeth Warren, D-Massachusetts; Cory Booker, D-New Jersey; and Jeff Merkley, D-Oregon.
Whereas Biden has mentioned publicly many occasions that he believes “no one needs to be in jail” for utilizing marijuana, he has stopped wanting advocating for complete reform, resembling full legalization and even rescheduling.
Biden made historical past in November when he signed a invoice clearing hurdles to research cannabis, the primary marijuana-focused reform invoice signed into legislation.
Nonetheless, many different federal hashish reform proposals didn’t even obtain a full listening to in Congress, not to mention a vote.
“We count on the Departments of Well being and Human Providers and Justice to proceed to expeditiously conduct your directed overview of marijuana’s scheduling,” the lawmakers wrote.
“Whereas Congress works to ship you complete hashish laws, the urgency of full descheduling ought to inform the Administration’s place on total hashish reform.”