In Norwood, Ohio, the US Government and Drug Enforcement Agency’s classification of cannabis as a Schedule I drug has presented challenges for businesses like The Landing Dispensary. However, Tuesday’s announcement that the DEA would move to reschedule marijuana to Schedule III was met with celebration by general manager Abayomi Nelson.
Nelson expressed his excitement about the news, calling it a massive and groundbreaking moment. He highlighted the medicinal benefits of marijuana, noting that as a patient with bad knees, he uses a topical product for inflammation and pain relief without the psychoactive effects. The shift in classification could have a significant impact on the business and patient community.
Kevin Hart, Founder and CEO of Green Check Verified, believes that the federal government’s softened stance on marijuana could revolutionize the industry. Green Check Verified connects marijuana businesses to financial institutions by ensuring compliance with state and federal laws. Hart emphasized the importance of financial institutions feeling confident that they are not getting involved in a shady industry when dealing with funds from marijuana businesses.
While banking funds from marijuana businesses in federal banks is not explicitly illegal, the potential descheduling of marijuana by the DEA could boost the confidence of financial institutions. Hart sees this announcement as a big step forward, but emphasized that tangible changes will take time. There will be a months-long public comment period before anything is officially changed.