Blüm Holdings Inc. Acknowledges Impact to Cannabis Industry from DEA’s Plan to Reschedule Marijuana
Embracing Change: Blum Holdings Foresees Positive Impacts of DEA's Marijuana Rescheduling Decision.
Blum Holdings, Inc., a cannabis company which through its subsidiaries has operations throughout California, remains optimistic about the Drug Enforcement Administration’s (“DEA”) decision to reschedule marijuana as a lower-risk substance. This groundbreaking move is anticipated to reform the cannabis industry by alleviating longstanding financial and operational burdens.
“Cannabis has a long and storied history in the collective social, economic, moral, and political conscious of the United States. We at Blüm understand the flawed history of cannabis’s classification as a Schedule I controlled substance by the US Drug Enforcement Agency and the legal, financial, and political consequences of such a classification,” said Robert Baca, Chief Legal Officer of Blüm.
“The Department of Justice’s proposal to reschedule cannabis as a Schedule III controlled substance is significant for the cannabis industry, its operators, and ultimately its consumers. While the breadth of impact and the implications resulting from such a reclassification will be fully realized over time, we acknowledge its significance and are prepared for its impacts. The cannabis industry is no stranger to rapid change and Blüm is confident in its ability to continue to adapt to an evolving regulatory landscape. Blüm supports administrative and legislative efforts that champion the industry and look forward to keeping our heads down and working hard no matter the exigencies or transformations in the market,” Baca added.
