The Rescheduling of Cannabis: What It Means, Next Steps, and Implications for Industry

On May 16, 2024, the Department of Justice issued a Notice of Proposed Rulemaking (NPRM) and Office of Legal Counsel opinion proposing rescheduling cannabis from Schedule I to Schedule III. The NPRM acted on a recommendation by the Department of Health and Human Services and Food and Drug Administration (FDA) to move cannabis to Schedule III. If finalized, this rule would mark a significant change in the regulatory status of cannabis, which could have important financial and other implications for the growing cannabis industry and its investors.

Please join Howard Sklamberg, Elizabeth Trentacost, James Joseph, and Evelina Norwinski in a detailed discussion of this proposal to reschedule. They will provide background on the rescheduling process, summarize the NPRM and its reasoning, discuss implications for FDA regulation of cannabis and cannabis research, and outline the next steps in the rulemaking and judicial process. They will also discuss the possible tax implications for the cannabis industry and how banking and other laws continue to regulate cannabis.