“The impending announcement of the DEA’s decision to recategorize cannabis from Schedule I to Schedule III under the Controlled Substances Act is historic. The positive impact this will have cannot be overstated. Our industry, the millions of consumers and patients we serve, and the individuals and communities that have been ravaged by the War on Drugs, all will see positive benefits. So too will those investors who have supported this industry for many years, patiently waiting for a major federal catalyst such as this.
As a company whose mission is to improve the lives of people every day through cannabis, we are thrilled to see this decision! Under Schedule III, the many benefits from cannabis will be significantly easier to research, opening the door to further product innovation and credibility for the plant’s medicinal value. It’s a monumental step forward in mainstreaming cannabis and will confirm something our company has known for over a decade – that our industry produces products that are safe and effective in treating a wide range of health and wellness issues. Consumers are the biggest winners here.
Schedule III is a major positive for cannabis businesses as well. Most notably, Section 280E of the Internal Revenue Code will be eliminated, something our company has been proud to fight for over the years. According to various reports, the burden of 280E has resulted in cannabis companies paying
We are hopeful that this rescheduling finally persuades major financial institutions to work with our industry. Will it pave the way for US operators to finally list on
If today’s reports are accurate, then today brought fantastic news to the cannabis industry, marking a huge step forward toward additional reforms that the industry and the consumers we serve need and deserve. The DEA is making the right decision, and we join our fellow industry participants, employees, customers, and investors in celebrating this incredible moment.”
ABOUT MARIMED
Company Contact:
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007
Investor Relations Contact:
Vice President, Investor Relations
Email: ir@marimedinc.com
Phone: (781) 277-0007
Source:
2024 GlobeNewswire, Inc., source