Colorado Leads released the following statement in response to reports that top U.S. health officials are recommending the Drug Enforcement Administration reclassify cannabis to Schedule III under the Controlled Substances Act. Currently, cannabis is classified under Schedule I, which is reserved for the most dangerous substances that have no medical value and high potential for abuse.

Statement from Chuck Smith, president of the board of directors for Colorado Leads:

“The HHS rescheduling recommendation marks a historic step toward federal cannabis policy reform. For over a decade, Colorado has been demonstrating states’ ability to effectively regulate cannabis for medical and broader adult use, and it’s time for federal law to reflect that reality. State-legal cannabis businesses that create jobs, pay taxes, and provide adults and medical patients with safe and legal access to cannabis deserve to be treated fairly, and this would be a big step in that direction.

“While descheduling would more comprehensively roll back federal prohibition, rescheduling to Schedule III represents meaningful progress that carries significant benefits. It would greatly alleviate the unfair federal tax burden and lack of access to banking and financial services that cannabis businesses have shouldered for years. It would also remove barriers to research that have long prevented us from fully understanding the plant and all of its medical benefits. When it comes to addressing the wide range of criminal justice implications associated with prohibition, Schedule III does not go nearly far enough. But it would help pave the way for those important reforms and reduce the scope of criminal liability that Americans currently face when operating or working for state-legal cannabis companies.”