The marijuana industry is at a turning point. The major catalyst for the marijuana industry during 2015 is the rescheduling of marijuana out of its current Schedule I classification. In late October, U.S District Judge Kimberly Mueller listened to testimonies during a five day evidentiary hearing aimed at determining if the Schedule I dangerous drug is unconstitutional.
The rescheduling of marijuana will create a domino effect for the entire cannabis industry. Soon after marijuana is rescheduled, the Treasury Department will come out with a memorandum which will set rules and regulations for working with marijuana businesses. Once these businesses are able to use banks, not only will the business become less risky but it will also become more profitable!
Judge Mueller is expected to announce her verdict later this year. The case marks the first time in decades that a judge has agreed to consider marijuana’s designation as a Schedule I drug under the 1970 Controlled Substances Act. Schedule I substances are those that have the following findings:
The drug or substance has a high potential for abuse.
The drug or substance has no currently accepted medical use in treatment in the United States.
There is a lack of accepted safety for use of the drug or substance under medical supervision
Technial420 expects that Judge Mueller’s verdict will be in favor of cannabis NOT being a Schedule I substance. The reason why we are confident in this is because:
On the third day of the hearing, both federal prosecutors and the defense agreed that cannabis has medicinal benefits. This completely contradicts the definition of a Schedule 1 substance.
Research has shown that cannabis has medical benefits. GW Pharmaceutical (GWPH: NASDAQ) has developed a variety of drugs that treat illnesses which were derived from the cannabis plant. These drugs are currently sold in over 25 countries!
Medical experts such as Dr. Sanjay Gupta have stated that marijuana has medical benefits.