In a groundbreaking announcement, the Drug Enforcement Agency (DEA) has announced its intention to reschedule marijuana from Schedule I to Schedule III. This news has been met with celebration by businesses like The Landing Dispensary in Norwood, Ohio.
General manager Abayomi Nelson expressed his excitement about the shift in classification, highlighting the medicinal benefits of marijuana. As a patient with bad knees, he uses a topical product for inflammation and pain relief without the psychoactive effects. Nelson believes that this change could have a significant impact on both the business and patient community.
Kevin Hart, founder and CEO of Green Check Verified, also expressed his enthusiasm about the DEA’s decision. Green Check Verified connects marijuana businesses to financial institutions by ensuring compliance with state and federal laws. Hart emphasized the importance of financial institutions feeling confident that they are not getting involved in a shady industry when dealing with funds from marijuana businesses.
While banking funds from marijuana businesses in federal banks is not explicitly illegal, the potential descheduling of marijuana by the DEA could boost the confidence of financial institutions. Hart sees this announcement as a big step forward, but emphasized that tangible changes will take time. There will be a months-long public comment period before anything is officially changed.
