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A potential decision to reclassify cannabis as a less restrictive drug and pending banking legislation could have a lasting impact on the sector, says company president Darren Weiss
The past year was pivotal for the legal cannabis industry’s acceptance as a mainstream business in the U.S.
The Department of Health and Human Services in August recommended to the Drug Enforcement Administration that marijuana be reclassified to a less restrictive Schedule III substance from a Schedule I substance. The Senate Banking Committee, meanwhile, in September approved the Secure and Fair Enforcement Regulation Banking Act, which would give cannabis businesses greater access to banking services, and it now awaits a vote on the Senate floor. And in November, Ohio became the latest state to legalize adult recreational marijuana use, bringing the total number of U.S. states that permit recreational cannabis use to 24.
Risk & Compliance Journal spoke recently with Darren Weiss, president of Verano Holdings, one of the largest cannabis businesses operating in the U.S. Weiss, who previously served as the Chicago-based company’s general counsel and chief legal officer, gave his thoughts on the changing industry and the challenges it will face in 2024. The interview was edited for length and clarity. [Read More @ The WSJ]
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