Public comment period for cannabis rescheduling ends (OTCQX:TCNNF)

A sixty-day public comment period regarding the proposed move to reschedule marijuana concluded on Monday, with 91% of comments showing support for reforms, according to data compiled by Headset, a cannabis-focused analytics firm.

Cannabis stocks rallied in late April after reports indicated that the U.S. Drug Enforcement Administration (DEA) was close to reclassifying marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA), a potential boost to the cannabis sector.

The proposed rule was opened for public comments from May 21 through July 22, during which the DoJ has received more than 40,000 comments, trade group the National Cannabis Industry Association (NCIA) said, citing Headset data.

91% of those were in favor of rescheduling or complete legalization. Out of comments supporting reforms, 56% backed complete de-scheduling, and 35% supported rescheduling the drug to a less restrictive category, according to Headset.

“Reclassifying marijuana to Schedule III is a positive first step in aligning federal and state law, however, we continue to assert that removing marijuana from the CSA entirely would be the best and most appropriate action,” NCIA said.

“We urge the relevant departments to move expeditiously in publishing the final rule related to this topic.”