How Will the Federal Reclassification of Marijuana Affect New Jersey's Cannabis Industry?

New Jersey Law Journal


New Jersey Law Journal (reprinted with permission)

In their newest publication, Michael F. Schaff and Jennie M. Miller detail the ongoing debate surrounding the reclassification of marijuana from a Schedule I to a Schedule III drug in the United States. They discuss the historical context of marijuana's classification, contrasting it with the evolving landscape of state-level legalization. Schaff and Miller examine the potential impact of reclassification on medical research, opioid dependency, and the cannabis industry, highlighting both opportunities and challenges. They also address regulatory considerations, such as DEA licensure requirements and the complex interplay between federal and state laws. Despite the proposed shift, they emphasize the uncertainty of the timeline and the need for further examination of the financial implications.

*Cannabis Law Disclaimer: Per federal law, under the Controlled Substances Act, marijuana is categorized as a Schedule I controlled substance.  Possession, use, distribution, and/or sale of cannabis is a Federal crime and is subject to related Federal policy, regardless of any state law that may authorize certain marijuana activity.  Compliance with state marijuana law does not equal compliance with federal law.  Legal advice provided by Wilentz, Goldman & Spitzer, P.A. is designed to counsel clients regarding the validity, scope, meaning, and application of existing and/or proposed cannabis law. Wilentz, Goldman & Spitzer, P.A. will not provide guidance or assistance in circumventing or violating Federal or state cannabis law or policy, and any advice provided by Wilentz, Goldman & Spitzer, P.A. should not be construed as such.

Michael F. Schaff Photo

Michael F. Schaff
Co-Chair, Corporate, Health and Cannabis Law Teams