Congress Passes Historic Medical Marijuana Research Bill
The US Senate approved legislation on November 16 that would ease restrictions on medical marijuana-related research. This is the first time Congress has passed a bill solely related to marijuana.
Prominent researchers have long said that the supply of marijuana for research is inadequate. Unlike most commercial cannabis, research-grade cannabis is typically low potency, low quality, and there isn’t enough of it.
Even with more suppliers, research-grade cannabis is also complicated to acquire. Because marijuana is a Schedule 1 controlled substance, the DEA tightly controls access, creating numerous bureaucratic hurdles and security measures that are prohibitively expensive for many researchers.
If signed into law by President Biden, the Medical Marijuana and Cannabidiol Research Expansion Act would allow research universities and private companies, including pharmaceutical firms, to acquire DEA licenses to grow and handle cannabis for specific purposes.
In addition to easing restrictions on research, the bill would:
Allow doctors to discuss with patients the potential harms and benefits of cannabis.
Instruct the US Department of Health and Human Services to research the therapeutic potential of marijuana, its effects on adolescent brains, and driving ability.
Roughly 50 marijuana-related bills are circulating in Congress. This includes bipartisan visions of federal legalization and bills to allow marijuana to be shipped via the US mail.
The legislation considered to have the best chance of passage is a version of the SAFE Banking Act, which forbids federal banking regulators from punishing financial institutions that do business with “legitimate cannabis-related” firms.
This legislation brings us closer to a federally legal cannabis market, which means that right now is the most opportune time to invest in well-vetted companies positioned for success.
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