If cannabis is reclassified to Schedule III, cannabis businesses won't be encumbered by onerous operating and taxing obstacles, federally-funded cannabis research will finally occur, and investment will soar, writes Steve Schain.

The HHS has reportedly advised the Drug Enforcement Administration to move cannabis from Schedule I to Schedule III.

The Hemp Access and Consumer Safety Act represents another attempt by lawmakers to regulate CBD in food and dietary supplements since the FDA announced in January it would not pursue its own rulemaking around the issue.

MariMed's event protested Section 280E of the Internal Revenue Service Code, which prohibits businesses that sell Schedule I or Schedule II substances from deducting ordinary business expenses. 

WSWA President and CEO Francis Creighton said lawmakers should look toward the alcohol industry as a model that offers harmony between state and federal regulations.

Hemp-derived THC is readily available online and over-the-counter, and is cutting into legalized cannabis’ revenue despite growing state illegality, confusion over federal legality, and concerns regarding untested and unregulated products’ safety and potency.

The FDA said it does not intend to pursue rulemaking around the inclusion of CBD in dietary supplements or conventional food, but it is prepared to work with Congress on the issue.