If you know either of us, you know neither of us would pass up a chance to say, “I told you so.” As we looked ahead to 2024 in January, we speculated that psychedelics could be legalized as a prescription medicine. Now, not even a quarter into 2024, proponents of the psychedelic industry should
Federal Law Developments
Veep Urges DEA to Reschedule Marijuana “As Quickly as Possible”
In case you missed it, Fat Joe visited the White House late last week to discuss federal marijuana policy. 2024, man.
During a roundtable discussion with Mr. Joe (?), Kentucky Gov. Andy Beshear, and several individuals who have received pardons from President Joe Biden for prior federal marijuana convictions, Vice President Kamala Harris “urged the…
Defending Psychedelics: Congress Includes Psychedelic Provisions in Defense Authorization Act
We told you it may be coming, though we were admittedly cynical about the ability to pass a bill funding psychedelic research given the current political landscape — a narrowly controlled Democratic Senate that is generally considered more conservative than the House and on the eve of an election year. But, it happened.
Dude, Where’s My Liquidation?
Every election it seems like the country inches closer to cannabis being legal at the federal level. Until that day comes, however, the question of whether those in the cannabis industry can seek bankruptcy relief remains. Because cannabis remains illegal under the federal Controlled Substances Act (CSA), for the past decade bankruptcy courts have routinely…
Big Brother Cancels Trip, Court Says Not So Fast My Friend
A few weeks ago, the Ninth Circuit Court of Appeals in Aggarwal v. U.S. DEA directed the U.S. Drug Enforcement Agency (DEA) to reconsider its decision not to transfer psilocybin from Schedule I to Schedule II.
Since at least 2021, Dr. Sunil Aggarwal has been working to legally obtain psilocybin for terminally ill cancer patients…
Farm Bill Extended – for Now
Loyal Budding Trends readers and hemp operators at large know that the 2018 Farm Bill was a watershed moment for the hemp industry. It brought centuries-old hemp products back from near-extinction and lit the fuse for an explosion of new hemp products that even the most optimistic supporters of that legislation probably couldn’t have imagined.
As…
To Reschedule or To Deschedule: That Is the (Marijuana) Question
Now that the dust is starting to settle on the recent news that the U.S. Department of Health and Human Services (HHS) has recommended to the U.S. Drug Enforcement Agency (DEA) that marijuana be moved from Schedule I to Schedule III under federal law, it is important to understand the implications of rescheduling marijuana and…
The Great Divide: The Feds’ Differing Approach to Psychedelics and Cannabis
Just as we did, the Food and Drug Administration has recognized the growing enthusiasm for exploring opportunities to use psychedelic medications to treat mental health disorders. In June, FDA issued for the first time draft guidance providing considerations for those developing psychedelic drugs for the treatment of medical conditions. The guidance explicitly focuses on “classic…
Smoke ‘Em if You Got ‘Em (OK, Not Just Yet): Feds Recommend Rescheduling Marijuana
According to a report from Bloomberg News, the U.S. Department of Health and Human Services (HHS) is officially recommending to the U.S. Drug Enforcement Agency (DEA) that marijuana be moved from Schedule I to Schedule III under federal law. The move follows a directive issued by President Biden last year that Secretary of Health…
A Watched Pot Never Boils: SAFE Banking on the Backburner Again
“I’m tellin’ ya, don’t believe the hype.”
– The Reytons, On the Back Burner
Advocates of the SAFE Banking Act – who by now must be feeling a little like Charlie Brown trying to kick the football – were dealt another setback last week. The beleaguered proposal finds itself simmering in committee just in time…