ST. LOUIS – Many people in the local cannabis industry are celebrating this week after President Trump directed the federal government to downgrade marijuana from a Schedule 1 to a Schedule 3 drug.
The president officially signed that executive order on Thursday after making the announcement during Wednesday night’s national address.
The co-founder of BeLeaf Medical, which operates six St. Louis-area dispensaries, tells FOX 2 she feels the change will have an overwhelmingly positive impact on both the industry and consumers.
From a business standpoint, she said it may allow them to offer more products and potentially deduct business expenses.
But, with cannabis remaining illegal on the federal level, they added that there are still significant limitations.
For instance, they cannot ship across state lines and must use Missouri-based banks. The banking limitations mean cannabis companies like BeLeaf have limited capital.
While Thursday’s announcement was a historic shift, many in the cannabis industry are hoping it will eventually lead to marijuana being descheduled altogether.