Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 05 MARCH 2024

Cannabis In 2024: HHS Rescheduling Recommendation And SAFER Banking

Akin
Akin
Contributor
Akin

Akin

Akin is a global law firm with more than 1,100 lawyers and advisors who pride themselves on...

View firm profile
Explore more from Akin

On August 29, 2023, the U.S. Department of Health and Human Services (HHS) issued a recommendation to the U.S. Drug Enforcement Administration (DEA)...

United StatesCannabis & Hemp
Caroline Kessler
Caroline Kessler
Craig B. Bleifer
Craig B. Bleifer
Reggie Babin
Reggie Babin
Taylor Daly
Taylor Daly
Author LinkedIn connections

Key Points

  • The scientific review supporting HHS's recommendation to DEA that cannabis be reclassified from a Schedule I to a Schedule III drug was published on January 12, 2024.
  • Classifying cannabis as a Schedule III substance would have significant implications for state-legal cannabis businesses, including eliminating certain tax burdens for state-legal businesses and easing research restrictions. DEA continues to review the recommendation and potentially initiate a rulemaking process that includes a public comment period before any scheduling action is finalized.
  • The Senate continues to labor over the SAFER Banking Act (2860). Enactment of the Act would ensure that state-legal cannabis businesses have access to banking services.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

The Intoxicating Hemp Products Ban Was Delayed A Month. Now What?

The House has passed a short-term funding bill postponing the federal ban on hemp-derived THC products from November 12th to December 11th. With comprehensive legislation unlikely before the new deadline and competing interests from cannabis sellers, alcohol producers, and state regulators creating policy gridlock, the future of intoxicating hemp products remains uncertain as midterm elections approach.
United StatesCannabis & Hemp
Harris Sliwoski
Harris Sliwoski
Article

IRC Section 280E And Cannabis Tax Planning: Recent Developments And Practical Considerations

The landscape surrounding Section 280E of the Internal Revenue Code continues to evolve with President Trump's Executive Order on medical marijuana rescheduling, advancing litigation in New Mexico Top Organics v. Commissioner, and shifting regulatory signals. Cannabis taxpayers face critical decisions about taking "non-280E" positions on their tax returns while the IRS maintains its enforcement stance and the U.S. Tax Court case addressing common arguments remains pending.
United StatesCannabis & Hemp
Foley Hoag LLP
Foley Hoag LLP
Article

"Marijuana" Rescheduling Delayed, Again. What It Could Mean, And What Comes Next

The DEA's marijuana rescheduling hearing has been unexpectedly stayed following a motion to admit a new GAO report examining agency scheduling procedures. With the proceeding on hold and the medical marijuana Schedule III order facing legal challenges in the D.C. Circuit, the cannabis industry's path to federal tax relief through rescheduling has become increasingly uncertain.
United StatesCannabis & Hemp
Harris Sliwoski
Harris Sliwoski
Article

Newly Enacted Law Targeting Russia Creates Novel Tariff Authority Over Third-Country Imports, While Reinforcing Existing U.S. Sanctions Framework

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, introducing unprecedented tariff authority that could impose duties up to 100% on goods from countries purchasing Russian energy or facilitating sanctions evasion. The legislation creates a novel framework where tariffs stack on top of existing duties while codifying Russia sanctions into statute...
GlobalInternational Law
Akin
Akin
Article

President Trump Directs Removal Of Canadian Products From Federal Procurement

On September 16, 2026, President Trump issued a presidential memorandum titled “Restoring Reciprocity in Government Procurement”, directing the Director of the Office of Management and Budget and the United States Trade Representative, in coordination with the Federal Acquisition Regulatory Council, to identify and take legally permitted steps to remove or restrict Canadian-origin items across the federal civil procurement system.
GlobalGovernment, Public Sector
Akin
Akin
Article

Major CIPA Reform Could Wipe Out Thousands Of Website Tracking Claims

California's Legislature has unanimously passed SB 690, a landmark reform that could eliminate thousands of pending class action lawsuits based on website tracking technologies under the California Invasion of Privacy Act. The bill removes the private right of action for pen register claims arising from routine web analytics tools, potentially reshaping the data privacy litigation landscape while companion bills simultaneously expand substantive privacy obligations.
United StatesPrivacy
Akin
Akin
Article

EU Finalizes Streamlined ESRS And New Voluntary Reporting Standard

The European Union’s (EU) revamped sustainability reporting framework is now final. On September 21, 2026, the revised European Sustainability Reporting Standards (ESRS) and a new Voluntary European Sustainability Reporting Standard (VS) were published in the Official Journal, marking yet another significant step toward more proportionate sustainability reporting in Europe. In addition to previously raising applicable financial thresholds triggering compliance under the Corporate Sustainability Reporting Directive (CSRD), the revised ESRS cut mandatory datapoints for in-scope companies (i.e., undertakings under CSRD) by more than 60% and total datapoints by more than 70%.
European UnionCorporate/Commercial Law
Akin
Akin
Article

Senate Unveils Bipartisan Comprehensive Permitting Reform Bill

On September 30, 2026, Senate Environment and Public Works (EPW) Committee Chair Shelley Moore Capito (R-WV), Ranking Member Sheldon Whitehouse (D-RI), Senate Energy and Natural Resources (ENR) Committee Chair Mike Lee (R-UT), and Ranking Member Martin Heinrich (D-NM) unveiled the Bipartisan American Affordability and Jobs Act of 2026 (BAAJA; S. 5653), a comprehensive permitting reform package aimed at accelerating approvals for energy, infrastructure, transmission, mining, manufacturing, and other major projects. The legislation represents the most significant bipartisan permitting reform effort in years and follows months of negotiations between Senate Republicans and Democrats.
United StatesEnergy and Natural Resources
Akin
Akin
Article

Preventing Workplace Sexual Harassment: A Transatlantic Comparison Of Employer Obligations In The US & UK

As prevention obligations expand across the UK, California, New York State, and New York City, employers face heightened duties to prevent workplace sexual harassment before it occurs. With the UK's new "all reasonable steps" standard taking effect in October 2026 and US jurisdictions lowering liability thresholds, how can multinational employers navigate these evolving transatlantic requirements?
GlobalEmployment and HR
Akin
Akin
Article

SEC Issues Guidance On Fair Value Measurement And Disclosure For Private Credit And Other Private Assets For Registrants And Others

The SEC Staff has issued new guidance addressing valuation challenges for private credit and other private assets held by public companies and registered investment companies. The statement emphasizes the need for robust valuation policies, market-based assumptions, and transparent disclosure practices as the private credit market continues to expand. Investment advisers managing private funds should carefully consider how these principles apply to their own valuation procedures and investor communications.
United StatesFinance and Banking
Akin
Akin
Article

SEC Risk Alert Highlights Common Deficiencies In Investment Adviser Annual Compliance Reviews

The SEC's Division of Examinations has identified six critical areas where investment advisers commonly fall short in their annual compliance reviews, from timing failures to inadequate documentation and unimplemented corrective actions. Understanding these deficiencies is essential for advisers seeking to strengthen their compliance infrastructure and avoid examination risks.
United StatesFinance and Banking
Akin
Akin