MichMash: How would a federal reclassification of marijuana affect Michigan?
Cheyna Roth and Alethia Kasban sat down with Brian Hanna, executive director of the Cannabis Regulatory Agency in Michigan, to discuss how the potential change might affect Michigan’s marijuana market.
The federal government is considering rescheduling cannabis as a less dangerous drug, which will impact consumers and businesses alike across the state. MichMash host Cheyna Roth and Gongwer News Service’s Alethia Kasban sat down with Brian Hanna, executive director of the Cannabis Regulatory Agency in Michigan. They discuss how there may be a need for thorough guidance from the federal government if this change is made.
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In this episode:
- Why the federal government is proposing to reschedule marijuana
- The current state of the marijuana industry in Michigan
- Why marijuana companies can’t file for bankruptcy
Hanna says while the Michigan marijuana industry is large and successful, it’s still new and therefore needs direction from the federal government — especially so if marijuana is rescheduled.
“What we hope when we talk about rescheduling is that there’s some form of guidance from the federal government, of what could possibly change with rescheduling,” Hanna said. “But as of right now, we just don’t have those answers. And that’s why we were asking for guidance.”
The U.S. Drug Enforcement Agency proposed to reschedule marijuana to a less restrictive category in April,
While the move would not legalize the drug outright for recreational use, reclassifying it as a less dangerous drug could affect many facets of the industry, Hanna said.
“You hear terms like market corrections and market correcting itself when it comes to free market; there are businesses that succeed and there are businesses that do not succeed,” he said. “Those that do not succeed have the opportunity to file for bankruptcy. Marijuana businesses do not have that opportunity because of its Schedule I status at the federal level.”
As a Schedule III drug, marijuana would still be regulated by the DEA. Ultimately Hanna believes streamlining regulation would make the industry operate smoother.
More from WDET:
- Bipartisan package seeks to unify recreational and medicinal cannabis licensing
- Detroit Evening Report: Biden says he’ll pardon simple federal marijuana possession convictions
- The Metro: Exploring Michigan’s marijuana tax revenue and consumer concerns
More from Gongwer News Service:
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