The U.S. cannabis industry just took a major step forward with the creation of the U.S. Cannabis Roundtable, a new coalition formed by merging the National Cannabis Roundtable (NCR) and the U.S. Cannabis Council (USCC). This unified organization brings together major players in the cannabis sector, including multistate operators, dispensaries, retailers, and advocacy groups, representing over 450,000 employees and 13,000 businesses across 38 states.
The Roundtable’s mission is clear: to push for long-overdue federal reforms and address the challenges holding the cannabis industry back.
Two Key Goals: Rescheduling and Banking
The coalition is focusing on two critical issues:
- Rescheduling Cannabis:
Cannabis is currently classified as a Schedule I substance, grouping it with heroin and LSD and labeling it as having no medical value. This outdated classification contradicts state laws and scientific evidence supporting cannabis’s medical uses. The Roundtable is advocating for cannabis to be reclassified as a Schedule III substance, a move that would reduce barriers to research and regulation. - Access to Banking:
Federal restrictions make it nearly impossible for cannabis businesses to access traditional banking services, forcing many to operate on a cash-only basis. This creates security risks and financial burdens for businesses. The Roundtable is championing the SAFER Banking Act, which would allow cannabis companies in legal states to work with federally regulated banks.
Both of these changes are vital to normalizing cannabis as a legitimate and sustainable industry in the U.S.
Challenges and Opportunities
Despite growing state-level legalization, federal laws still create significant obstacles for the cannabis industry. The lack of banking options, combined with the stigmatizing Schedule I classification, limits growth and innovation.
The formation of the U.S. Cannabis Roundtable is a sign of hope. By combining resources and presenting a unified front, the coalition is better positioned to influence lawmakers and drive federal reforms. These changes could unlock new investment opportunities, support scientific research, and align federal and state cannabis laws.
What’s Next?
The U.S. Cannabis Roundtable’s efforts could mark a turning point for the cannabis industry. If successful, their work will not only reshape federal cannabis policies but also pave the way for a more secure, accessible, and respected market.
As the push for reform continues, this coalition has the potential to help the cannabis industry realize its full potential.
For updates and industry insights, visit High End Marketplace.