What Does Schedule III Mean for Utah Patients?
Trump’s executive order to reschedule cannabis from a schedule I controlled substance to schedule III is long overdue recognition from the federal government that cannabis has medicinal value, and its value far outweighs any harm it may cause.
So, what does rescheduling mean for Utah’s cannabis industry?
Rescheduling is set to become official in March or April of this year. At that time, the barriers preventing academic research will be removed allowing institutions like the University of Utah to begin research on medical cannabis products more similar to the products medical cannabis patients are using today. Beyond answering the question, “does cannabis actually work?” Which has been proven time and time again, the hope is find accurate dosing guidelines and better understand the various cannabinoids and how they work together with each other, and also terpenes for medical relief.
Cannabis research is not new, but has largely been excluded from academic testing by respected American medical Institutions due to its scheduling. However, in anticipation for regulations to be removed institutions like University of Utah Health Center For Medical Cannabis Research have been established to take advantages further its study. We hope research commences immediately.
Beyond the recognition we so desired, the promise of schedule III includes the removal of a cannabis tax penalty found in the federal tax code 280e, but also brings with it the potential for devastating regulatory landmines from the DEA and FDA.
Every state has a unique cannabis economy and federal law has the potential to upend these economies. Medical states have further protections, but how Congress, the FDA and the DEA act in the next 10 years has the potential to reconfigure a $50B+ US industry, leaving thousands of business in its wake. Our hope is the federal government moves through cannabis policy slowly and thoughtfully. Industry members are confident that the pace will be slow, but nervous about what lays ahead as feds make plans to integrate federal regulation into the state’s cannabis industries.
The removal of the application of tax penalties would allow legal cannabis companies to begin deducting ordinary expenses from their year end tax bill. These taxes contribute to the higher prices of legal cannabis, and we hope to see efforts from prohibitionists to permanently continue 280e tax penalties following rescheduling fail.
What does rescheduling mean for Utah cannabis patients?
For Utah patients, schedule III is largely a symbolic measure. Patients will still need to see an RMP for a medical cannabis card, and shop at medical cannabis pharmacies. Pharmacists will continue to provide guidance, and all cannabis products will be cultivated and produced in Utah.
Schedule III is an important step up for cannabis patients and advocates on their path for normalcy and acceptance. The next step on the cannabis policy journey is access to banking and the allowance of traditional financial services, like using a credit card for purchases or insurance coverage for medical cannabis. These changes, and those still to come are important milestone worthy of celebration, and meaningful steps toward affordability and well being.
While I recognize that the struggles of cannabis patients and advocates are not the same as the those that fought for civil rights, I would like to honor Dr. Martin Luther King Jr.’s legacy on his birthday by sharing his words.
"Change does not roll in on the wheels of inevitability, but comes through continuous struggle." - Dr. Martin Luther King, Jr.
Utah’s legislative session starts this week, and medical cannabis policy changes are on the agenda. Please join us to protect our medical cannabis program in Utah and check in frequently to see what’s happening.
To join Keep Utah Medical and get further updates sign up at https://www.keeputahmedical.com/join, or if you have any comments/questions reach out to me at alex@keeputahmedical.org.
