Schedule III comment period is over — now what?

36,000+ COMMENTS
Comment period on rescheduling officially closes

Driving the news: Even though the political landscape in the US is very much in flux this week, the rescheduling process continues apace. 

Yesterday, the comment period on the rule — known as a Notice of Proposed Rulemaking — that would move cannabis from the most restrictive Schedule I to Schedule III, ended. 

Why it matters: The Notice of Proposed Rulemaking is one of the key steps to receive comment from the public, experts, proponents, and opponents before rescheduling can actually happen. The timeline is crucial with the election just over 100 days away.

And remember, cannabis reform was a campaign promise of both President Joe Biden and the presumptive Democratic nominee and current VP, Kamala Harris. They’ll want to show voters they could get this popular reform done before they take on Former President Donald Trump. A majority of Americans want cannabis to be federally legalized, according to recent polls. 

For more on Harris’ evolving position on cannabis reform, read yesterday’s newsletter. 

The latest: A public comment submitted by the Minority Cannabis Business Association, with data from consulting firm Whitney Economics, anticipates that rescheduling would result in 500,000 new jobs in the cannabis sector by 2030. 

Recently, cannabis recruiting firm Vangst estimated that there are currently 450,000 cannabis-related jobs in the US. 

What’s next? The Drug Enforcement Administration and The Department of Justice will have to wade through over 36,000 comments. Then, the DEA will actually enact the rescheduling process.

But with the Supreme Court recently overturning the Chevron Deference, some experts say legal challenges by rescheduling opponents may be more likely.

And despite what The Democrats say on X, cannabis hasn’t yet been rescheduled — it’s far from a done deal. 

-JR

“I don’t care whether it’s good for the party or not. I don’t care. It’s not good for your health,” Rep. Andy Harris (R-MD), an anti-cannabis lawmaker, told Marijuana Moment regarding his opposition to rescheduling cannabis and how that may, or may not, affect his party’s chances in the general election. 

Harris has repeatedly stood in the way of cannabis reform in the House.

NY’s crackdown continues 🔒

New York’s considerable effort to stamp out the unlicensed, unregulated cannabis market continues. The latest proof? An estimated $10 million bust in the Bronx. More from NYC.

Down, but maybe not out in PA 🚜

Pennsylvania’s Secretary of Agriculture, Russell Redding, still wants to push for cannabis legalization even though it didn’t pass this year’s budget. He wants to keep it alive both for the considerable tax benefits and also because he says Pennsylvania farmers are "really good at growing things.” Read More.

Phytanix Bio gets bought 🔬

Chain Bridge I, a special purpose acquisition company listed on the Nasdaq, is buying Phytanix Bio, a cannabinoid pharmaceutical company founded by GW Pharma alums, in a deal that values Phytanix at $58 million. Once the deal closes, Phytanix will be listed on the Nasdaq under the ticker PHYX.

Tilray gets green light in Germany 🚦

Cannabis (and beverage) giant Tilray was the first to receive a green light for cultivation in Germany — providing a leg up for expansion into the newest market in Europe. Read more. 

Cannabis magazine shutters 📚

Canadian print cannabis magazine, Cannabis Prospect, ceased publication after the June 2024 edition, its founder David Halpert said on LinkedIn. Halpert said the reason was financial constraints and insufficient advertising dollars.

A new study published in the journal BioFactors found that lesser-known cannabis compounds like CBG, CBC, CBN and CBDV have anti-cancer properties. Read the full study.

This data comes from the Minnesota Department of Revenue and was highlighted by Colin Ferrian of Poseidon Asset Management on X. It shows how sales growth for Minnesota’s hemp-derived THC market has slowed:

Kamala Harris called for legalizing marijuana on X (then Twitter) in 2019.

The Calif. restaurant doing legal gymnastics to serve you joints with dinner | SFGate.com

Fearmongering about ‘drug dens’ is making Canada’s crisis worse | Toronto Star