House Republican introduces bill to reschedule marijuana as a Schedule III substance

• Rep. Gregory Steube (R-Fla.) has introduced legislation that would move marijuana to Schedule III from Schedule I of the Controlled Substances Act.
• Steube filed similar legislation in 2019 and 2021.
• Schedule III substances are defined as drugs with moderate to low potential for physical and psychological dependence. Examples include ketamine, anabolic steroids, and testosterone.
• Schedule I substances are those considered to have no medical use and high potential for abuse. Heroin, LSD, and ecstasy are in this category.
• The bill has been referred to the House Energy and Commerce, and Judiciary Committees.
• Multi-state operators: Cresco Labs (OTCQX:CRLBF); Columbia Care (OTCQX:CCHWF); Trulieve Cannabis (OTCQX:TCNNF); Green Thumb Industries (OTCQX:GTBIF); Curaleaf Holdings (OTCPK:CURLF); MedMen Enterprises (OTCQB:MMNFF); Acreage Holdings (OTCQX:ACRHF); Ayr Wellness (OTCQX:AYRWF); Verano Holdings (OTCQX:VRNOF); and Jushi Holdings (OTCQX:JUSHF).
• Cannabis ETFs: AdvisorShares Pure Cannabis ETF (YOLO), Amplify Seymour Cannabis ETF (CNBS), ETFMG Alternative Harvest ETF (NYSEARCA:MJ), AdvisorShares Pure US Cannabis ETF (MSOS), and Global X Cannabis ETF (POTX).

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