New Law Would Reclassify Cannabis. Is this good for the industry?

Another bill to reschedule marijuana was filed in Congress.

Rep. Greg Steube (R-FL) introduced the legislation, which is titled the “Marijuana 1-to-3 Act.”

True to its name, the bill would simply require the attorney general to move cannabis from Schedule I to Schedule III under the Controlled Substances Act, with the aim of increasing research on the drug’s effects.

“As marijuana is legalized for medical and recreational use across the United States, it is important that we study the effects of the substance and the potential impacts it can have on various populations,” Steube said in a press release. “By rescheduling marijuana from a schedule I controlled substance to a schedule III controlled substance, the opportunities for research and study are drastically expanded.

However, if approved, this law may have dire consequences for the cannabis industry.

It is possible that cannabis would then only be available by doctor's prescription and filled at a pharmacy, like Walgreen's or Rite-Aid... not at your local dispensary.

This could put thousands of dispensaries out of business, and create new untold burdens for growers.

In short, be careful what you wish for... the future may not be what you envision.