Is Federal Decriminalization of Marijuana on the Horizon

This topic comes hot off the press, recently a leaked paper has been the topic of discussion in the news, among investors and in some political circles.
The source of the rumor is this Bloomberg article, which makes the claims.
US Health Officials Urge Moving Pot to Lower-Risk Tier

I had to do some digging but I think this is the paper that was leaked as I couldn't find any other source, there is a linked online PDF file (not download)
Ending Federal Marijuana Prohibition Through Administrative Action

In 2022 The Biden administration urged the Dept. of Health and Human Services (HHS), as well as the U.S. Attorney General to conduct research into the decriminalization.
The rumored letter from the Secretary of the HHS and address to the U.S. Drug Enforcement Agency (DEA) is dated August 29th 2023 and suggests that the DEA reschedule Marijuana. The suggested change would move the substance from a Schedule I to a Schedule III.
The difference in these changes can be seen here :
DEA Drug Scheduling

Schedule III

Schedule III drugs, substances, or chemicals are defined as drugs with a moderate to low potential for physical and psychological dependence. Schedule III drugs abuse potential is less than Schedule I and Schedule II drugs but more than Schedule IV.

While this latest news in the ongoing efforts to end Marijuana prohibition is good, it still remains to be seen how the DEA will respond. The DEA has the final authority on classification of all drugs under the "Controlled Substances Act", which was passed into law under Nixon in 1970.

That same year NORML was founded as non profit lobbying group for the legalize the responsible use of marijuana by adults, both recreationally and medically. In the 90's I had the pleasure of working for this organization in Massachusetts where I helped to lobby local and state legislatures as well as raise public awareness on the topic and promote local events like the "Hemp Fest" which was held annually on the Boston Commons.


Report: Leaked HHS Letter Calls Upon DEA to Reschedule Cannabis

Bloomberg news has obtained a letter from a “top” Department of Health and Human Services (HHS) official recommending that the US Drug Enforcement Administration reclassify cannabis from a Schedule I to a Schedule III controlled substance under federal law.

While this news would help make great strides, it is not the only sign that change could be on the horizon.

Currently there are two bills in congress, one in the Senate and one in the House, that would change the banking regulations which hinder some marijuana businesses. Under current laws, any funds received by banks, from the sale of schedule I drug, can carry stiff penalties of money laundering, which has left many marijuana ventures as a cash only business.



These new laws. which failed to pass in January and were reintroduced in April of this year, help to alleviate those restrictions.
The Secure and Fair Enforcement Banking Act of 2023 would "provide protections for federally regulated financial institutions that serve state-sanctioned marijuana businesses"

S.B. 1323
H.R. 2891

Additionally, The DEA will have to take the time to conduct its own studies on the matter. One of the issues brought up in the past, is that the rescheduling of marijuana would impact some foreign affairs and international trade laws.

THE CANNABIS RESCHEDULING RECOMMENDATION: WHAT IT MEANS AND WHAT’S NEXT

The factors DEA considers will be: (1) cannabis’ actual or relative potential for abuse; (2) Scientific evidence of its pharmacological effect, if known; (3) The state of current scientific knowledge regarding the drug or other substance; (4) Its history and current pattern of abuse; (5) The scope, duration, and significance of abuse...
The biggest legal hurdle is an international treaty: the Single Convention on Narcotic Drugs (1961), to which the US is a signatory. This treaty requires that cannabis be controlled in a certain manner not unlike a Schedule I or Schedule II drug under the Controlled Substances Act.

Despite these obstacles that still remain, many proponents of Marijuana Decriminalization continue to push forward.
There are many hopes that the end of Marijuana prohibition could be a benefit to society by allowing for further medical research into the already believed benefits as well as relieving the criminal burden, which was Presidents Biden's initial reasoning in addressing the issue with the HHS and AG.

So, given the information Do you think this could be the end of Marijuana prohibition? Do you support it?

There are many questions that arise for me, such as the source of the article and reaction by the Markets, could this just be a marketing scheme?
In addition there are political motives at play as well. Like the bills that are stalled in congress, will this be used as a re-election tool, only to be DOA after?

In any case, as I have been a longstanding proponent for the end of this prohibition and for the decriminalization of Marijuana, I feel like this is progress that is long over due. I can remember the feeling I got when I received my Pardon from the Massachusetts AG in 2012, for a minor possesion charge. I can only hope that the many people who are incarcerated get to experience that as well.

a reply to: datguy

I hope it does become legal.

It distracts law enforcement from going after far more serious drugs.

It would hurt cartels taking one of their revenue sources away.

Bring in some tax.

And ultimately, it being legal or not doesn’t matter. A lot of Americans smoke, and that should be their decision given weed has less negative impact than cigarettes or alcohol.

a reply to: datguy

of course they are, it means more tax dollars. they got to pay for all the bullsh@@ slojoenomics has in store. i tell you another thing that's coming, tax on miles traveled on all hwys federal and state, or tolls. their gonna have to do something about all that tax money their gonna loose on gas if the ev craze kicks in real hard. that is gonna be the easiest thing to do.

Weed has many pros and cons, probably more cons depending on the type of person using it. But it doesn’t kill people week in week out like cigarettes, alcohol and hard drugs do. You literally can’t die from ingesting it, unless somebody ate 5000kg of it, then you probably won’t be in a very good place 🤷🏼‍♂️

It doesn’t kill people and it doesn’t make you nasty or violent or do things you don’t remember (usually).

I say legalise tf out of it 🤙🏼

For over 21s and for younger students that can keep their grades at b+ and above.

There really is no good reason for marijuana to be Schedule I. It really only stems from Anslinger's racially motivated campaign against the drug in the 30s.

Its big business, next step THC vapes. Who's ready for a crowd fund?
All parties involved benefit, I bet the CIA is having the contra shakes

a reply to: Threadbare

A truly prolific influence on the coarse of history

a reply to: BernnieJGato

You bring a great point in a roundabout way
While the banks cant deal with these businesses without penalties, the states are reaping billions in tax revenue.
There is some federal legislation being thrown around that would tax marijuana and hemp at about 25% of the retail value.

www.finance.senate.gov...(4)%20Marijuana%20Revenue%20and%20Regulation%20Act%20Summary.pdf

This would inflate the price in established businesses further than they already are, black market deals would still be cheaper which would then, in theory, reduce tax income in general.
Remains to be seen how much of an impact this would have on any retail industry

Obama wanted to do it, but got busy destroying sh*t elsewhere.
I don't trust it.
Make it legal as tomatoes, or STFU. The Big Pharma has too much to lose.

originally posted by: BernnieJGato
a reply to: datguy

of course they are, it means more tax dollars. they got to pay for all the bullsh@@ slojoenomics has in store. i tell you another thing that's coming, tax on miles traveled on all hwys federal and state, or tolls. their gonna have to do something about all that tax money their gonna loose on gas if the ev craze kicks in real hard. that is gonna be the easiest thing to do.

Don't worry, they'll just introduce a per mile EV road tax, make it retroactive, then mandate another tracking tracker in the cars

a reply to: datguy

I think the point has been made where people stand when the map keeps turning dark green.



I totally agree with federal decriminalization, but think it should remain in the states hands. A fine or class otherwise. I don't want another tax added on the state excise tax, delivery fee, etc. Though it would be nice to use a card.

Let Georgia through Tobacco Road take as long as they need. Federal laws over states doesn't work too well.

originally posted by: Albert999
Weed has many pros and cons, probably more cons depending on the type of person using it. But it doesn’t kill people week in week out like cigarettes, alcohol and hard drugs do. You literally can’t die from ingesting it, unless somebody ate 5000kg of it, then you probably won’t be in a very good place 🤷🏼‍♂️

It doesn’t kill people and it doesn’t make you nasty or violent or do things you don’t remember (usually).

I say legalise tf out of it 🤙🏼

For over 21s and for younger students that can keep their grades at b+ and above.

Agreed 100%.

Honestly, if more people were casual smokers/consumers, the world would likely be a far friendlier place.

Legalize it for 21 and over.

The alcohol lobby, however, may not appreciate the legalization…

It's big business here in my hometown. There are a CRAZY amount of dispensories. We were once known as having the most bars per capita, and now it prob goes to the large amount of pot shops. I wish the Feds would legalize... I have chronic pain from a stroke, and I have to take painkillers to exist. I am drug tested at every appointment, and pot is off the menu unless the feds do legalize. I am curious what it, or cbd can do for me.

Some of the high cbd strains look promising to me.

Trust me it will be legal federally way earlier by Monday November 4th 2024, just to win votes sadly. After that there will be a crackdown again afterwards, no secret there.

originally posted by: datguy
a reply to: Threadbare

A truly prolific influence on the coarse of history

My mother loved that movie and believed every word of it! I watched it after she passed, and i, too love that movie! Best comedy I've ever watched!

She was a serious alcoholic until 15-20 years before her death, and after working in a factory with people who would smoke 'stuff' on break and lunch, may attitude to MJ did a 180. I'd rather work with someone that's high than someone who's drunk.

The gals that were on prescription mood stabilizers scared the daylights out of me, too.

Personally, I think the plan to reclassify MJ is already a done deal, but they're going to drag it out and make a big production out of it so it will look like it's the voice of the people that made the politicians listen and legalize it.

a reply to: datguy

Democrats: Ignore the high taxes, high prices, inflation, open borders, rampant crime. . . .hey look! Legal pot!

originally posted by: Ilikesecrets
Trust me it will be legal federally way earlier by Monday November 4th 2024, just to win votes sadly. After that there will be a crackdown again afterwards, no secret there.

I believe it will be federally legal.

I doubt we have a crackdown.

Too much revenue for the states who legalized to walk away from it now.

originally posted by: DBCowboy
a reply to: datguy

Democrats: Ignore the high taxes, high prices, inflation, open borders, rampant crime. . . .hey look! Legal pot!

I mean, at least they did something that makes sense? 🤷🏼‍♂️

originally posted by: VulcanWerks

originally posted by: DBCowboy
a reply to: datguy

Democrats: Ignore the high taxes, high prices, inflation, open borders, rampant crime. . . .hey look! Legal pot!

I mean, at least they did something that makes sense? 🤷🏼‍♂️

lol

Sure.

Burn your house down but HEY! That stain in the carpet is gone!

originally posted by: DBCowboy
a reply to: datguy

Democrats: Ignore the high taxes, high prices, inflation, open borders, rampant crime. . . .hey look! Legal pot!

Devil's advocate:

Please explain to me how this method within the playbook has failed?