The US Government and Drug Enforcement Agency have long labeled cannabis as a Schedule I drug, indicating that it had no medical use. However, as states like Ohio have relaxed rules or outright legalized marijuana sales, businesses like The Landing Dispensary in Norwood have been caught in a legal and confusing situation. General manager Abayomi Nelson expressed his happiness with Tuesday’s announcement by the DEA to move marijuana to Schedule III, recognizing its medicinal value as a groundbreaking moment.
Nelson, who is also a patient with knee pain, highlighted the benefits of using a topical product for inflammation and pain relief without any psychoactive effects. This shift in stance could revolutionize the marijuana industry, according to Green Check Verified Founder and CEO Kevin Hart, who has seen an increase in interest from financial institutions following the DEA announcement.
Green Check Verified connects marijuana businesses with financial institutions to ensure compliance with state and federal laws. Hart emphasized the importance of financial institutions feeling confident that they are not involved in an illicit industry when banking funds from marijuana businesses. While the DEA’s decision to deschedule marijuana is a positive step forward, Hart cautioned that it will take time before any tangible changes occur, as there will be a public comment period before anything is finalized.
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