Forbes magazine recently discussed the Senate joint resolution (yes, that’s what it’s really called) that Senator Jeff Stone (R-CA) introduced a bill to Congress asking them to reclassify marijuana from a Schedule I drug to an alternative schedule that would allow research of cannabis for medical use, which its current classification does not allow. Schedule I drugs are those that are believed to lead to abuse, and have no medical benefits – LSD and heroin are some of the drugs under this classification.
This resolution for reclassification was widely approved by the California Assembly, with a 60 to 10 final vote.
It’s not just the medical benefits this resolution will help, however. With recreational marijuana getting set to be sold in the state starting January 1, marijuana businesses have a lot to gain from it, too. Currently, most banks won’t provide financial services to cannabis businesses because of the federal restrictions, which puts them in the difficult position of being cash-only establishments and makes charging the correct tax difficult.
This resolution is just the beginning. From here, it’s being sent to President Donald Trump, Vice President Mike Pence, House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell along with California’s two U.S. senators and the state’s 53-member U.S. House delegation. Now California waits.