Questions continue to pile up for the legal marijuana industry. Not long after the U.S. Drug Enforcement Administration announced that it would make a decision as to whether or not it will reclassify marijuana by July, NASDAQ rejected MassRoots’ request to trade on the exchange for the second time, in this instance citing concerns on “aiding and abetting the distribution of an illegal substance.” Where does this leave marijuana packaging suppliers, distributors, and retail chains?
Struggling to gain legitimacy
Legal in 24 states and the District of Columbia for medicinal use, as well as for recreational in four states and D.C., the legal marijuana industry’s approval in nearly half of U.S. states remains at odds with the federal government’s current classification of marijuana as a Schedule I narcotic in league with such heavy-hitters as heroin, LSD and MDMA. Even cocaine and meth are considered Schedule II, thus deemed less dangerous than multi-state kosher cannabis. Making this concept increasingly more interesting: The federal government’s ownership of a CBD (cannabinoid) patent despite’s the plant’s highly illegal status on the federal level.
DEA continues to drag its feet
The DEA has already rejected petitions for rescheduling marijuana, each time taking years to make a decision. Now the legal marijuana industry sits again, following its most recent announcement, waiting to see if new federal oversight will result in yet more marijuana packaging changes. Though everything, at this point, remains speculative, cannabis companies have many concerns…
- Will rescheduling set the stage for greater federal regulation of marijuana supplies?
- Could it cause a crackdown on state legal businesses?
- Could additional scientific research, made possible by rescheduling, boost sentiment and sales?
- Will smaller, state legal medical marijuana companies have to deal with FDA approvals for each product on the shelves, putting big pharma in the driver’s seat due to lack of financial resources?
- Will there be opportunities for new product lines through plant patenting if federal prohibition is overcome?
- Will tax provision 280E, prohibiting businesses dealing in Schedule I and II substances from deducting business expenses, finally go up in smoke?
Will marijuana ever be legal at the federal level? Countrywide legitimacy is expected to take several years, with this year’s elections playing a critical role. Voters will soon determine if an additional four states will legalize recreational use, which may push new members of the administration and Congress to finally move toward full legalization. Despite all the turmoil and changes the legal marijuana industry has incurred over the years, it stands in waiting, hoping the remainder of the U.S. can finally get past back alley exchanges of weed in baggies – and cannabis companies can move forward with businesses built on a solid foundation of workable and well-understood government-backed regulation.
You may be unsure about where the federal government is headed, but you can be sure about your marijuana packaging. Make the right choice. Uphold the legitimate reputation the industry needs in these challenging times with the safest, most technologically advanced, professional looking marijuana supplies on the market. Contact MMC Depot today.