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The 2019 edition of the Hemp and CBD Industry Factbook released figures that show retail sales of CBD topping $1 billion this year, and predicted that number could hit $10 billion by 2024. Cannabis research was also a big topic. But there are some hiccups on the way to that big number.
one of just seven federally DEA- licensed cannabinoid research labs, had some encouraging news about how cannabinoids and cannaflavins can lengthen life spans while improving health spans. Watch Dr. Russo’s Presentation Hunter Land, Ph.D, the VP of Research & Development at Biopharmaceutical Research Company, Inc.,
In case you haven’t heard, the Drug Enforcement Administration (DEA) wants to hear from you on marijuana rescheduling. Specifically, DEA invites your comments on its notice of proposed rulemaking (NPRM) to move both marijuana and marijuana extract from schedule I to schedule III of the federal Controlled Substances Act (CSA).
They’re calling it the Rural Prosperity and Food Security Act of 2024 (the “Senate bill”). The Senate bill follows on the House’s proposal, called the Farm, Food and National Security Act of 2024 (the “House bill”), offered in May. That could happen in 2024, but seems more likely in 2025 when the new Congress convenes.
” As of a few days ago, DEA reiterated this position in response to an inquiry by attorney Shane Pennington, even going so far as to note “cannabis-derived THCA does not meet the definition of hemp under the [Controlled Substances Act] because upon conversion for identification purposes as required by Congress, it is equivalent to [THC].”
Griffen’s article is just one of many parsing the language of the 2018 Farm Bill and a 2023 DEA letter on the topic. See also: “ THCA and the DEA: Rod Breaks Down the Latest News ” from Rod Kight, an another attorney prominent in the space. I would say: “Someone over at DEA wrote a letter last year indicating that it’s not.
The DEA still classifies cannabis as a Schedule I controlled substance, a designation reserved for drugs with no medical value and a high potential for abuse. Virginia also legalized cannabis in 2021, but residents can expect to wait until 2024 before they can purchase cannabis products. More States Favor Cannabis Legalization.
During Nelson’s event, Colorado Representative Brittany Peterson spoke on the topic, stating: “We all know that Kamala Harris is a champion for effective drug policies, and I want to applaud the Biden-Harris administration for having the courage and leadership to recommend the rescheduling of marijuana.
Earlier this year, the DEA initiated rulemaking to reclassify cannabis as a schedule III narcotic. A lot of folks had hoped that cannabis would be rescheduled in advance of the 2024 election. Those hopes were dashed when the DEA scheduled a hearing for the proposed reclassification about a month after the election.
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