The Biden administration’s official move to reschedule cannabis has been welcomed by Kim Rivers, the CEO of Florida-focused cannabis multi-state operator Trulieve Cannabis Corp. (CSE:TRUL).
US President Joe Biden on Thursday confirmed that the Justice Department would be advancing the proposal to reclassify marijuana as a lower-risk Schedule III drug, instead of Schedule I, where it currently sits alongside heroin and fentanyl.
Notably, if approved, this would mark the first federal-level recognition of marijuana’s medical benefits and would remove a significant tax burden for cannabis operators.
Rivers told Proactive in an exclusive interview that the company was excited to see the rescheduling move on to the next step.
“We very much look forward to the rulemaking process and the final conclusion of it being rescheduled to Schedule III,” Rivers said.
She said that rescheduling could be the “first important domino” that could set off a series of additional policy changes around cannabis in the US.
“We could actually see SAFER Banking pass on the heels of an official rescheduling to Scheule III,” Rivers told Proactive.
“It will open the door for additional research. I’m super excited about the possibility of having more research clinical trials, actual data and information we can lean into for our products and to make sure the public is as educated as they can be as it relates to the benefits and health concerns that this wonderful plant can help address.”
Shares of Trulieve were buoyed by the news and closed 5.7% higher at $12.60 on Thursday.