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Opinion: Media Hype and the Cannabis Rescheduling Mirage

By Carol A. Black

The Illusion of Cannabis Rescheduling


Amidst a media frenzy, headlines around the country buzzed with the tantalizing news: cannabis could be on its way to a reclassification from Schedule 1 to Schedule 3, moving it out of the same category as drugs like heroin. Publications such as Bloomberg celebrated the news, showcasing how the cannabis industry's stocks soared as a result.


However, these jubilant headlines were nothing more than a mirage. Despite the media's fervent reporting, the political reality remains unchanged. Cannabis stays as a Schedule 1 drug. The most tangible outcome? A 20% stock market boost for cannabis companies, all thanks to this unsubstantiated hype.


The Power of Fact-Checking


Thanks to the diligent efforts of reporters like Kyle Jaeger, and tools like the Freedom of Information Act, we now know the truth: the news was a complete fallacy. Regrettably, many media houses, in their race for clicks and views, may not issue retractions or apologies.


For those truly invested in the cannabis journey and its possible rescheduling, following authentic sources like Marijuana Moment is paramount. Falling for headlines without substance only dilutes the conversation and misdirects the collective energy of the industry.


Deciphering the Real Story


To shed light on the sequence of events: Prior to the U.S. Health and Human Services (HHS) hinting at a cannabis rescheduling recommendation, DEA Administrator Anne Milgram mentioned in a House Judiciary subcommittee hearing about a "letter" from the president. This "letter" supposedly prompted the start of the rescheduling process.


After thorough checks, HHS and the Justice Department revealed there was no such "letter". Instead, Milgram was alluding to a public statement from President Biden about the scheduling review directive and a mass pardon for those charged with federal marijuana possession.


A Call to Focus on What Truly Matters


This entire episode serves as a stark reminder: the cannabis industry, from executives to retailers, must remain vigilant and informed. It's easy to get lost in the seductive whirlwind of national conversations, especially those based on conjecture. However, the real impact lies in understanding changes and legislation in local markets.


In a rapidly evolving industry, grounded research and evidence-based conversations are more crucial than ever. Speculation, as this episode has shown, can often mislead even the best of us.


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