The ongoing debate over cannabis rescheduling continues to generate excitement and uncertainty within the industry. Many are eager to understand what this potential shift will mean for the future of cannabis regulation. Recent actions by federal agencies have ignited hope that rescheduling could occur within the next year, but the path forward remains unclear.
According to Gary Santo, CEO of Rx Green Technologies, the process is far from simple. Santo, a speaker at the upcoming Benzinga Cannabis Capital Conference, recently discussed the intricacies of rescheduling. He emphasized that while there has been movement towards rescheduling, it’s not just a matter of waiting for a decision.
“There’s more than just hope behind this rescheduling process. We’ve already seen significant movement—40,000 public comments, requests for hearings—so it’s no longer just talk,” he said.
Despite this progress, Santo cautioned that the rescheduling timeline could extend longer than many in the industry expect.
“In 12 months, I don’t think it’s unrealistic to say within 12 months, I don’t think they can just keep rolling this along,” he said, acknowledging that federal agencies must navigate several complex factors before reaching a final decision.
Santo also shed light on the crucial difference between rescheduling and descheduling cannabis. Both options are under consideration, but each has distinct implications for the industry.
“You could deschedule it; you can reschedule it. And there are so many moving parts that need to be addressed throughout different parts of the government and also with working with the states,” he explained.
These moving parts include various regulatory hurdles and coordination across multiple federal and state agencies, adding complexity to the process. He also warned that simultaneous efforts to push for different outcomes – rescheduling, descheduling, or other reforms – could lead to confusion.
“Sometimes I wonder if having all these different initiatives—the shotgun approach—is more harmful than helpful. Everyone’s chasing different outcomes, and that might slow down actual progress,” Santo observed, suggesting that a more focused approach might lead to quicker results.
As the cannabis industry awaits further developments, many operators are left wondering how rescheduling – or descheduling – will ultimately affect them. Santo stressed that while progress is being made, the actual impact of these regulatory changes could take years to materialize.
“Rescheduling has already set things in motion. There’s no turning back now; a conclusion has to be reached,” he said, adding that the industry should prepare for a potentially lengthy process.
Santo’s analysis highlights the importance of understanding the full scope of regulatory changes rather than expecting immediate results. As the industry evolves, operators and investors must be prepared for the challenges and opportunities that rescheduling may bring.
Cannabis rescheduling seems to be on the horizon. To gain a deeper understanding of what this means for the future of the industry, attend the 19th Benzinga Cannabis Capital Conference in Chicago on October 8-9. Hear directly from top executives, investors, advocates, and policymakers. Secure your tickets now before prices increase by following this link.
