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Despite the fact that states like Colorado and Oregon have legalized recreational marijuana use, the federal government still classifies the drug as an illegal substance. The difference in laws has raised several questions about the future of the industry, especially with a new administration set to take over the White House in the coming year.
However, it appears that views are changing in Washington, as the government is expected to issue a statement on Tuesday making marijuana more accessible to researchers.
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Marijuana's Health Benefits
As marijuana has been shown to have promising effects on several medical conditions ranging from epilepsy to cancer, drug makers, physicians and patients are eager to see cannabis-based drugs developed. However, it has been difficult for drug makers like GW Pharmaceuticals PLC-ADR (NASDAQ: GWPH) and Insys Therapeutics Inc (NASDAQ: INSY) to carry out necessary tests.
Loosening Regulations
In order to relax the regulations surrounding privately funded marijuana research, the White House intends to do away with the Public Service Health Review, a process that has made it difficult for companies to launch new studies.
By sidestepping that process, marijuana grown for research purposes will be easier to obtain, allowing for a wider range of studies.
More To Do
While the decision marks a major step forward for marijuana legalization efforts, many say the U.S. still has a long way to go before the marijuana industry can thrive. The federal government still classifies the drug as a Schedule 1 substance with no medical uses.
This has created a conflict for those bound by federal laws, like financial institutions looking to make transactions with marijuana-related firms and law enforcement agencies.
Image Credit: Public DomainCrypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.