Interest in marijuana rescheduling is at an all-time high. Ever since President Biden directed his administration to review the Schedule I status of cannabis in late 2022, advocates have awaited the outcome with bated breath. Things got even more interesting several months later when the Health and Human Services Department recommended the plant be moved to Schedule III.
Despite rescheduling support from several legislators and outside entities, the federal Drug Enforcement Agency (DEA) has the ultimate authority on marijuana and is currently conducting its own review. And while a definitive timeline for a decision has not been given, a recent Bloomberg analysis seems to have the answer.
RELATED: Legendary breeder says they unlocked the future of weed
According to insights from Bloomberg Intelligence, the DEA’s decision has an 80 percent likelihood of coming in the next few months. The number is in line with predictions from Washington insiders who believe action will be taken in the lead-up to the 2024 election.
Bloomberg based its forecast on several metrics, most notably President Biden’s mention of the marijuana rescheduling review during his recent State of the Union address. A subsequent tweet by the POTUS reiterating his message that “No one should be jailed just for using or possessing marijuana” garnered over 102,000 likes. The analysts also cited official conference call transcripts to note the increase in rescheduling conversations among publicly traded cannabis companies.
The prediction starkly contrasts reports from the Wall Street Journal, which wrote that the rescheduling debate is leading to turmoil within the DEA. According to their sources, concerns have been raised about high-potency weed products and a perceived lack of scientific evidence surrounding medical marijuana.
Despite the ongoing uncertainty, the feeling that change is coming is all but certain for the cannabis community. While many hope the DEA decides to deschedule cannabis entirely, the majority of analysts think rescheduling will be the favored choice.
