Cannabis Policy at a Crossroads: Updates on Rescheduling and Reform (2024 - 2025)

This presentation provides a 2024 - 2025 update on cannabis policy, highlighting pivotal federal and state developments and examining their implications for the industry and society. First, we will outline the federal rescheduling debate, including the Department of Health and Human Services’ recommendation to move cannabis from Schedule I to Schedule III and the Drug Enforcement Administration’s ongoing review. We will explore how this potential change - the most significant federal shift in decades - could affect research, taxation, and business operations (such as relief from onerous tax code 280E). Next, we survey state-level regulatory changes: new legalization laws (such as recent adult-use measures, evolving medical programs, adjustments in taxation, and compliance updates). The discussion will emphasize what these changes mean for cannabis businesses, for medical patients, and for consumers. A critical segment assesses social equity programs aimed at repairing harms of prohibition - we review how equity licensing initiatives have fared in practice, noting successes and ongoing challenges. Finally, we consider outstanding challenges (such as federal-state law conflicts and lack of banking reform) and the outlook for cannabis policy, including anticipated reforms and their societal impact.

Learning Objectives: 

1. Explain recent federal cannabis policy developments, including the HHS/DEA rescheduling review, and analyze their potential consequences for research, regulation, and the cannabis industry.

2. Evaluate key state-level cannabis reforms enacted in 2024 - 2025 discuss their implications for businesses, medical patients, and consumers.

3. Evaluate social equity initiatives in cannabis policy, assessing how effective these programs have been in practice and identifying ongoing challenges/opportunities to improve equity in the industry.