The head of the U.S. Food and Drug Administration (FDA), Robert Califf, stressed that there’s no reason for the Drug Enforcement Administration (DEA) to delay its decision on rescheduling marijuana from a Schedule I to a Schedule III drug, according to Marijuana Moment. This would put it in the same category as Tylenol and ketamine instead of heroin and LSD. Despite his comments, cannabis stocks were little changed in the after-hours session.
This discussion came about during a House Oversight and Accountability Committee hearing, where the FDA’s recommendation to the DEA to reschedule marijuana was supported by the Department of Health and Human Services (HHS) based on scientific assessments.
Califf also clarified that rescheduling marijuana to Schedule III wouldn’t directly lead to its commercial availability, which addressed concerns from Rep. Pete Sessions (R-TX), who argued the move ignored the drug’s potential misuse.
Regulating CBD Products – FDA’s Inaction Contributed to Market Confusion
Furthermore, discussions at the same hearing focused on the regulation of CBD products. Oversight Committee Chairman James Comer (R-KY) criticized the FDA for not using its existing authority to regulate hemp products like CBD. He said their inaction contributed to market confusion and unregulated products. However, Califf expressed the FDA’s readiness to work with Congress to establish a system that offers consumer safeguards and oversight.
Which Cannabis Stock Is Best to Invest In?
Among the popular weed stocks, analysts expect Trulieve stock to deliver the most upside potential from current levels. Indeed, it has a Strong Buy rating with almost 38% upside potential based on a $16.52 per share price target.
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