The federal government has reclassified state-licensed medical marijuana as a less dangerous drug, and effects of the decision will be felt in Arizona.
The order signed by the U.S. attorney general does not legalize medical marijuana, but it does put it in a class considered to have low potential for physical and psychological dependence.
Sara Gullickson is CEO of a Phoenix-based firm called Cannabis Business Advisors. She said rescheduling is a best case scenario and it will increase the value of retail licenses.
“What it does is it showcases to investors that this is becoming a more safe space,” Gullickson said.
Recreational marijuana is also legal for adults in Arizona. It remains a Schedule 1 drug classified the same as heroin in terms of danger. A hearing in the process to reclassify recreational marijuana is scheduled for late June in Washington, D.C.
The reclassification of state licensed medical marijuana means a tax break for Arizona operators. The old classification meant that marijuana dispensaries could not make typical business deductions.
Story Cannabis CEO Jason Vedadi said it’s incredible to be treated like a normal business.
“I think that you got to think about the consumer is also going to get passed down some of that benefit. Make it more affordable for them as well. Not just for us,” Vedadi said.
Medical marijuana reclassification is also being welcomed by the consumer lobby called NORML, which calls dispensaries the big winners.