What marijuana reclassification means for Colorado
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The Trump administration took a significant step Thursday toward rescheduling marijuana as a less dangerous drug, ordering the reclassification of FDA-approved and state-licensed marijuana.
Why it matters: The order is a boost for Colorado's medical retailers and will make it easier for researchers — like those at the University of Colorado Boulder — to study medicinal applications.
State of play: Acting U.S. Attorney General Todd Blanche announced that marijuana approved by the FDA or states will move to a Schedule III drug classification, a downgrade from Schedule 1 drugs that include heroin, ecstasy and LSD.
- "These actions will enable more targeted, rigorous research into marijuana's safety and efficacy, expanding patients' access to treatments and empowering doctors to make better-informed healthcare decisions," Blanche said in a statement.
In speaking with reporters hours after the announcement, Colorado Gov. Jared Polis called the move "long overdue and welcome news."
Zoom in: The implications for states like Colorado, where medical and recreational marijuana are legal, remain murky, but it's a "historic and notable step forward," said Chuck Smith, CEO of Colorado Leads, a cannabis alliance.
- The most immediate shift impacts state-licensed medical marijuana businesses, which now can make tax deductions from their income under federal law.
What they're saying: Ryan Hunter, chief revenue officer at Spherex, which makes distillate for vape cartridges, told Axios Denver the announcement is a "mixed bag" because adult-use marijuana remains a Schedule I drug.
- "On the one hand, it's very exciting news for patients who are suffering from ailments that will benefit from cannabis as a medicine. But from our perspective for adult-use … it's a head scratcher," he said.
What they're watching: Hunter and the industry are turning their attention to a broader review of marijuana's classification, which the Trump administration promised to consider later this year.
- The Department of Justice said its review would begin June 29 and finish by July 15. The result could lead to looser restrictions on the drug.