The Drug Enforcement Administration appears poised to propose a downgrade of the federal scheduling of marijuana from Schedule 1 to Schedule 3 substance. The news, first reported by AP, is a significant victory for the cannabis sector that will reduce legal burdens for businesses in and around the industry.
Less clear, however, is how looser federal restrictions on weed will affect congressional efforts to provide a safe harbor for banks to work with state-legal cannabis companies.
The push will continue. But the landscape has changed.
