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US drug control agency will move to reclassify marijuana

(apnews.com)
662 points JacobHenner | 2 comments | 30 Apr 24 17:32 UTC | HN request time: 0.627s | source
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mannyv ◴[30 Apr 24 18:15 UTC] No.40214223[source]▶
One major effect of this is that weed stores will be able to use banks and payment processors legally once the regulators catch up.
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mannyv ◴[30 Apr 24 19:32 UTC] No.40215242[source]▶
People are talking about schedule 3 needing a prescription, etc. From the financial point of view that's irrelevant; the point is that you CANNOT legally sell schedule 1 drugs commercially (with some exceptions that I can't remember).

Schedule 1 -> banned from the financial system.

Schedule 3 -> OK to use the financial system.

How the DEA schedule and the financial system interact is still unclear. The important part is that once regulations are updated weed businesses won't be restricted from access to the financial system. There may be some more regs around that access, but I'm sure they'll be worked around.

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1. refurb ◴[01 May 24 01:08 UTC] No.40218420[source]▶
> Schedule 1 -> banned from the financial system.

This is not true.

Here is a legitimate business selling schedule 1 drugs: https://www.caymanchem.com/product/10801/mephedrone-(hydroch...

Regulatory Information: DEA Schedule I

With a schedule I DEA license, you can buy this product, and the manufacturer can deposit your money into a bank.

That's why I'm not sure moving marijuana from schedule 1 to 2 or 3 will really change much from a banking perspective.

Marijuana dispensaries will still be violating federal law, no different than if they were selling sleeping pills illegally.

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2. mattmaroon ◴[01 May 24 03:27 UTC] No.40219181[source]▶
Right. At the end of the day we need to just de-list it and strike all federal laws on it. The ship has sailed and the states won, let’s just do the inevitable thing and get on with it.