It could soon get easier for cannabis dispensaries in Connecticut to do business. Sources tell NBC News that the Biden administration plans to reclassify the drug for the first time in more than 50 years.
It’s welcome news for Carl Tirella, founder of Budr Cannabis.
“For over 50 years, cannabis has been wrongfully placed in the same class as drugs that I've seen or seen with having no medical utility,” he said.
The Drug Enforcement Administration (DEA) is expected to approve the plan to move cannabis from the strictest Schedule I which includes heroin to Schedule III, which includes anabolic steroids.
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Tirella said the shift gives dispensaries opportunities with more banks.
“What it does do is allow more institutions to come into the game and make the asset class of banking more competitive in the market,” he said.
Benjamin Zachs, chief operating officer of Fine Fettle, said easing regulations gives dispensaries access to tax breaks other businesses get, like writing off labor and expenses.
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“It allows us to invest in our cultivation facility, allows us to build new dispensaries, allows us to create more jobs,” he said.
Zachs said this change would also make it easier to do clinical studies and better understand the science behind it.
He hopes it would remove the stigma surrounding the drug.
“There is so much that now we can uncover to further promote and create the legitimacy around this industry,” he said.
State lawmakers on both sides of the aisle say reclassifying cannabis is the right move.
“For those who are in the business of selling cannabis, this seems to be the road to a brighter future,” Sen. Gary Winfield (D-New Haven) said.
“I think it’s about time that Congress at least had that discussion. It’s been many years. You’ve seen states almost revolting over the issue,” Rep. Craig Fishbein (R-Wallingford) said.
The move would not legalize recreational marijuana. The possession and distribution of it is still a federal crime.
This proposal still has to go through a public comment period and would not become official for at least 60 days.
