History was made when President Joe Biden formally signed a marijuana research bill into law. Biden is an opponent of cannabis legalization but kept his campaign promise of cannabis reform. This colossal move is the first in a series of research and rescheduling cannabis under the Controlled Substances Act (CSA).
What can businesses, investors, and consumers takeaway from this:
Research is essential for Food and Drug Administration (FDA) to approve the efficacy of cannabis compounds with capable research to substantiate evidence with standardized cannabis testing methods to establish medical claims based on the scientific conclusion.
This protects and informs consumers and businesses with the understanding of the curative benefits of cannabis that can help millions of Americans. Cannabis is believed through white papers from the National Institute of Health (NIH) to aid consumers with benefits to ease suffering from chronic illnesses such as pain, PTSD, neuro conditions, and mental disorders with comprehensive evidence-based therapeutic studies.
Is It a Tax Grab, You Decide:
Let’s weigh the issue, this historical move can create:
Insurance Benefits: Private medical insurance, Medicare, Veterans Affairs, and Employer-Sponsored Health Plans to neutralize the high cost of cannabis at the point of sale.
Tax Hikes: To further fund research, confront the $4.5 billion Illicit Weed market, secure transportation of products, and efficacy.
Workplace and Compassionate Care Act: Safeguards private and federal workers from being terminated over private cannabis use.
The Veterans Safe Healing Act: Department of Veterans Affairs (VA) allows veterans to participate in cannabis treatment alternatives.
Opioid Settlement Framework: Health Carriers and Big Pharma adjudicated that they pay compensatory damages, rehab, and opioid diversion programs. Thus utilizing cannabis to conform with the settlement.
Anti-Vertical Integration: Dispute state governments are proposing licensing restrictions so businesses can’t cultivate, transport, and sell their proprietary products keeping retail cannabis pricing low.
The Emergence of Third-Party Online Ordering: Coming to the aid of smaller operations that look toward online retail with digital platforms offers an advantage to being more reactive to industry trends.
Interstate Commerce: Set the stage to allow for interstate marijuana commerce in legal states.
So why did Biden who opposed cannabis reform do an about-face? One possible reason, the Feds saw legal states stockpiling record billions of dollars in the first two quarters of 2022, a 55 % increase that was generated in the previous two years. Whether it’s a grab or not, there are too many benefits here than drawbacks. So, let’s celebrate the long-awaited legislation. Congrats America!
About The Author:
Frank Labrozzi is the CEO of Novus Cannabis MedPlan, a publicly traded company $NDEV, Novus is a licensed health insurance carrier that is the only health plan(s) that offer cannabis (CBD & THC) benefits throughout the United States.