Stock price surge of Curaleaf today captivated financial markets
In a significant move towards marijuana reform, the "Marijuana 1-to-3 Act" has been reintroduced by Congressman Greg Steube for the fourth time. This bill aims to reschedule marijuana from Schedule I to Schedule III under the federal Controlled Substances Act.
The schedules used by the Drug Enforcement Agency (DEA) classify drugs based on their potential for abuse and harm. Schedule I, the most restrictive, includes drugs considered to have no accepted medical use and a high potential for abuse. Conversely, Schedule III drugs are less harmful and have a recognized medical use.
If passed, the Marijuana 1-to-3 Act would reclassify marijuana as a Schedule III drug, acknowledging its medical value and paving the way for further research and policy changes.
Background and Potential Impact
The push for marijuana rescheduling has gained momentum in recent years. In October 2022, President Joe Biden requested a review of marijuana's scheduling, followed by the U.S. Department of Health and Human Services (HHS) recommending the move from Schedule I to Schedule III based on its scientific and medical evaluation in August 2023.
However, the process has been delayed due to an ongoing appeal and a postponed hearing. The Marijuana 1-to-3 Act provides a legislative alternative to expedite the rescheduling process.
Legislative and Executive Actions
Rep. Steube's bill seeks legislative action to reschedule marijuana, complementing the ongoing administrative process initiated by President Biden and continued under President Trump's administration. President Trump has also indicated a willingness to consider changes in cannabis policy, suggesting a potential decision on rescheduling in the near future.
Implications for the Cannabis Industry and Research
If passed, the Marijuana 1-to-3 Act could have significant implications for the cannabis industry and medical research. The rescheduling of marijuana could lead to increased investment and opportunities for companies like Curaleaf, which saw a gain of over 10% on the day the bill was reintroduced.
Moreover, the potential passage of the Marijuana 1-to-3 Act could further increase public support for marijuana legalization, which has been on the rise. A 2024 survey by Gallup found that 68% of Americans support the legalization of marijuana, compared to 36% in 2005. This shift in public opinion reflects a significant change in attitudes towards marijuana, as reported by PBS News.
In conclusion, the Marijuana 1-to-3 Act represents a significant step towards federal marijuana reclassification. While the rescheduling process is complex and involves multiple stakeholders, the bill provides a legislative route to expedite the process and align with broader federal discussions on cannabis policy reform. The potential impact on the cannabis industry and medical research could be substantial, but the timeline for any changes remains uncertain.
Investing in companies like Curaleaf, which operate in the cannabis industry, could see increased opportunities if the Marijuana 1-to-3 Act is passed, due to the potential for further research and policy changes. The recognition of marijuana's medical value and subsequent rescheduling from Schedule I to III under the federal Controlled Substances Act could also contribute to a rise in public support for marijuana legalization, following a significant shift in attitudes towards marijuana over the past decade.
