OHIO – The US Government and Drug Enforcement Agency have long maintained that cannabis has no medical use, classifying it as a Schedule I drug alongside heroin. This classification posed a challenge for businesses like The Landing Dispensary in Norwood as states such as Ohio relaxed rules on marijuana sales or legalized it entirely.
However, the DEA’s announcement on Tuesday to reschedule marijuana to Schedule III was met with celebration by Abayomi Nelson, general manager of The Landing Dispensary. Nelson highlighted the medicinal benefits of marijuana, noting that he personally uses a topical product for inflammation and pain relief without the psychoactive effects. This shift in classification could have a significant impact on both the business and patient community.
Kevin Hart, founder and CEO of Green Check Verified, also expressed excitement about the news. He believes that the federal government’s softened stance on marijuana could revolutionize the industry. 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 emphasizes that tangible changes will take time. There will be a months-long public comment period before anything is officially changed.