The recent news concerning the rescheduling of cannabis is a significant positive regulatory movement. The team at NisonCo, and just about every other cannabis professional, has been hoping for this development for years — though full federal legalization remains the ultimate goal.
As the country’s oldest cannabis PR firm, NisonCo has extensive experience helping our clients navigate the regulatory landscape surrounding cannabis to achieve success. In the spirit of this exciting development, we want to share the information we’ve been sharing with clients regarding the impacts of cannabis rescheduling.
What Does Rescheduling Cannabis Mean?
Under the Drug Enforcement Administration’s (DEA’s) framework, cannabis is currently a Schedule I drug. This classification means that it has no accepted medical applications and a high potential for abuse; for reference, heroin falls into this category as well.
The current plan for rescheduling would make cannabis a Schedule III drug, indicating it has proven medical benefits and a relatively low potential for abuse. Other Schedule III drugs include anabolic steroids and testosterone.
The illogicality of grouping cannabis with other Schedule I drugs is apparent to anyone with any knowledge about the plant. Rescheduling is an exciting step toward more common-sense drug laws.
What Would Rescheduling Cannabis Do?
Rescheduling will have tangible effects on the cannabis industry, though they might not be as dramatic as some are hoping for.
- » Rescheduling Provides Tax Benefits for Cannabis Businesses: With rescheduling, cannabis companies will no longer be beholden to Internal Revenue Code Section 280E. This regulation forces plant-touching cannabis companies to pay significantly more in taxes than other types of businesses simply because they work with a Schedule I substance. A move to Schedule III would make it so 280E no longer applies, allowing cannabis companies to pay less in taxes, claim traditional business tax benefits, and bring in far more profits.
- » Rescheduling Enables Cannabis Research: Cannabis is notoriously difficult to research, and one of the main reasons lawmakers refuse to acknowledge the benefits of the plant is because of a lack of research. Rescheduling would allow for more straightforward cannabis research, potentially opening doors for further legislative change.
When Will Cannabis Rescheduling Happen?
Cannabis rescheduling is still months away, at the very least. However, cannabis companies shouldn’t wait until it is finalized to begin preparations. You can boost your brand by joining the conversations happening today and starting to prepare for the changes that rescheduling will bring, too.
The Impact of Rescheduling on Cannabis Businesses
Plant-touching cannabis companies will feel the most significant impact from rescheduling, but cannabis companies in all sectors will be able to profit from this historic shift.
How Will Rescheduling Impact the Medical Cannabis Industry?
Schedule III drugs are recognized as having accepted medical applications, so it’s no surprise that medical marijuana companies will benefit from rescheduling. Medical cannabis providers can expect an increase in patients as more prescribing doctors are convinced of the benefits of the plant, and, like all other cannabis businesses, they can expect tax benefits, too.
Additionally, rescheduling may make it easier for pharmaceutical companies to create cannabis pharmaceuticals, potentially bringing new types of cannabis medicine to the public.
The Impact of Rescheduling on Adult-Use Cannabis Companies
Successful rescheduling will benefit adult-use and recreational cannabis companies. Dispensaries, producers, and distributors will be able to pay more accurate taxes and, therefore, earn more profits.
The tax benefits, paired with increased acceptance of cannabis, will allow adult-use cannabis companies to grow and expand like never before.
How to Prepare for Cannabis Rescheduling
Rescheduling won’t happen overnight, and your company won’t be able to profit without preparation. Here are four things you can do to get ready for this exciting legislative change.
1. Join the Conversation on Rescheduling with Cannabis Marketing Techniques
The news of rescheduling has reignited conversations throughout the cannabis industry and beyond. You and your brand can impact those conversations through careful, consistent marketing. Work with a media marketing firm to amplify your voice and run marketing campaigns related to topics surrounding rescheduling.
2. Prepare Your Cannabis Rescheduling Advertising Campaigns
Rescheduling could make it easier for cannabis companies to advertise their products and services as the plant moves out of Schedule I, becomes more widely accepted, and is subject to more research. You don’t have to wait for that to happen before running ad campaigns, though. You can publish ads related to rescheduling on cannabis-friendly social platforms and take advantage of the public’s growing awareness of cannabis to promote your company.
News monitoring is essential to anticipate big news like rescheduling and have comments prepared. NisonCo is America’s first cannabis PR firm, and we’d be happy to help you comment on the next big cannabis news using our decade+ of specialty expertise. Click the image above to contact us today.
3. Stay Up To Date with Cannabis Rescheduling News
To truly take advantage of cannabis rescheduling, you must stay on top of the latest rescheduling news. There are several ways you can stay updated on legislative changes. There’s a sizeable cannabis community on LinkedIn, so it can be beneficial to interact with cannabis writers on the platform. If you want to stay updated in your downtime, cannabis business podcasts are abuzz with rescheduling information and are a great low-effort way to keep in the know.
4. Partner With a Cannabis PR Firm to Take Advantage of Cannabis Rescheduling
The best way to stay on top of cannabis rescheduling and ensure your company is leveraging these exciting changes is by working with a cannabis PR firm. A company specializing in media marketing for cannabis businesses can help you navigate the changing legal landscape and promote your products and services according to the latest regulations.
Times like these, when the industry is getting ready for significant changes, are the most critical times to prioritize PR. Pairing search engine optimization (SEO) with PR can boost the effectiveness of both techniques; working with a firm that provides both services, like NisonCo, will help you benefit from these exciting changes on multiple levels.
Be a Part of the Cannabis Conversation with Help From a Cannabis Media Marketing Agency
With rescheduling on the horizon, this is one of the most exciting times the cannabis industry in the United States has ever seen. A cannabis media marketing and internet marketing agency can help you make the most of this opportunity by promoting your brand and participating in important conversations. For more information about our services or to schedule a consultation, contact us at NisonCo today.
