[$MSOS] The DEA has announced a public hearing to address the proposal to reschedule marijuana’s scheduling from I to III

https://themarijuanaherald.com/2024/08/dea-schedules-public-hearing-on-marijuana-rescheduling-for-december-2/

Well, this is disheartening…

This hearing, set for December 2, will occur after the November elections.

“This is notice that the Drug Enforcement Administration will hold a hearing with respect to the proposed rescheduling of marijuana into schedule III of the Controlled Substances Act”, states the notice, which is currently unpublished in the Federal Register but will be officially published on Thursday. “The proposed rescheduling of marijuana was initially proposed in a Notice of Proposed Rulemaking published in the Federal Register on May 21, 2024.”

We spoke with a DEA official who told us that a final ruling would come by October, and this is what they had to say:

“Although the ruling was expected to come by October, with no hearing held, strong calls from within the agency to hold a hearing resulted in a last minute change of course.”

The main issue now is the elections, the GOP is clearly going to try to weaponize this to get votes from the younger crowd: Trump has said before that no person should go to jail for smoking the drug, and said that he's going to talk about Florida's recreational legalization on the ballot, later this year.

DeSantis, Florida's GOP Governor, who has been supported by the hemp industry, has recently said he's pro "big cannabis" but not too keen on the bad smell and smaller investors.

If Kamala wins, but fails to bring a majority of Dems to senate and congress…I can see the GOP doing whatever they can to torpedo cannabis as a whole, including and possibly interfering with the rescheduling of the plant.

If Trump wins…It's anyone's guess, but I suppose it's not good for the sector, I guess.

So what I used to be consider a done deal, is a 50/50 gamble now…So like a true WSB regard, I'm going all in.

Positions: 854 shares of MSOS @ $7.90 average.

I'm buying this dip because I still think we have a chance of seeing the plant being rescheduled to III, if the DEA did not wanted to rescheduled cannabis, they simply would shutdown the proposal and not even hold a public comment period, let alone grant hearings.

But whatever you do with your money is your business.

Not Financial Advice.