The Drug Enforcement Administration has announced what information it will need from medical marijuana dispensaries and their employees that seek federal compliance with the now rescheduled drug.
The widely anticipated new rule announced April 23 placed state-regulated marijuana into Schedule III, which ended the federal government’s decades-long practice of considering marijuana as one of the most dangerous drugs.
Rescheduling only affects states’ medical marijuana programs and highly controlled, Drug Enforcement Administration-authorized marijuana products already approved for activities like research. That means Oklahoma-licensed medical marijuana businesses that register with the DEA and follow their rules will qualify for certain benefits, like the ability to treat business expenses as a tax write-off.
DEA will begin accepting dispensary applications on Wednesday, April 29. Existing businesses in Oklahoma will have 60 days to submit their application in order to take immediate advantage of the new federal rules.
Instructions for other types of medical marijuana businesses is expected to be released later.
Oklahoma dispensaries hoping to become compliant with federal marijuana rules can visit the DEA Diversion website to find the Medical Marijuana Dispensary Registration Portal.
Along with personal information, the DEA will require information about the business. DEA also wants the following information:
For dispensaries seeking DEA registration, the nonrefundable application cost will be $794.
Currently, the agency will only accept payments through PayPal. In the future, however, DEA anticipates having more options available for paying application costs.
DEA will be expected to review all applications within six months.
According to the Oklahoma Medical Marijuana Authority, the state’s marijuana businesses don’t necessarily have to comply with DEA rules to continue operations.
“Commercial licensees choosing not to participate may continue to operate in accordance with the existing regulatory framework in Oklahoma; however, they will not be eligible to take advantage of potential benefits, including tax breaks, opportunities for banking services and interstate commerce,” OMMA said in a news release.
OMMA Executive Director Adria Berry, who also serves as president of the Cannabis Regulators Association (CANNRA), said the application requirements are an important step toward a regulatory environment that is standardized and mature.
“We’re encouraged by efforts that support compliance, transparency and the continued evolution of safe, well-regulated medical marijuana programs,” Berry said.