The final month of 2024 saw many long-term issues in the US cannabis industry stay unresolved.
Rescheduling is still in the works, and banking reform in the country has hit another roadblock.
Read on for more details on how these situations developed in December and how they may play out in the new year.
The process has been marked by a series of twists and turns as both proponents and opponents finalize witness lists ahead of a hearing that is now scheduled to begin on January 21.
Supporters of the proposed rule, including the DEA as a designated proponent, will be the first to present their arguments, with opponents to follow. The parties will each be assigned a day to deliver their presentations.
Mulrooney also criticized the DEA for failing to submit required documents ahead of the preliminary hearing, and for failing to provide a complete list of the evidence it plans to present at the January hearing.
As the new year begins, the fate of cannabis rescheduling hangs in the balance, with legal challenges, procedural disputes and interagency tensions adding to the uncertainty surrounding this pivotal moment in US drug policy.
The move effectively sends the issue back to square one for a new Congress to deal with in 2025.
In December 2023, the group asked Comptroller General Gene Dodaro to allow the GAO to study how financial institutions can address negative effects economic effects of the War on Drugs.
December saw significant developments in US cannabis policy, but little forward momentum.
Rescheduling efforts continue to be mired in legal and procedural complexities, with the DEA facing criticism and challenges from various stakeholders. Meanwhile, the failure to pass the SAFE Banking Act once again leaves the cannabis industry without access to traditional banking services.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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