The confusing fine line that the medical marijuana industry is navigating between federal and state law has prompted a variety of news sources to jump to conclusions about what this means for the future of the booming industry. This has been happening over the last couple of years in general, but with the announcement from the DEA about their "Establishment of a New Drug Code for Marihuana Extract," fake news has gotten to the point that even the Huffington Post had to pull their article about the event down.
The announcement strictly explained that "The Drug Enforcement Administration is creating a new Administration Controlled Substances Code Number for “Marihuana Extract.” This code number will allow DEA and DEA-registered entities to track quantities of this material separately from quantities of marihuana. This, in turn, will aid in complying with relevant treaty provisions."
Medical Marijuana, Inc. has brought forth what the announcement has meant for them, and it clarifies where the future of the industry is looking for.
On the change, Medical Marijuana, Inc. CEO, Dr. Stuart Titus comments-
"Medical Marijuana, Inc. is pleased to announce that the DEA Federal Registry amendment to create a new code for 'marijuana extracts,' in no way affects the Company’s hemp oil, containing naturally occurring cannabinoids, including CBD, or its operations.
In the Ninth Circuit case that served to uphold the legality of the Company's products, the Court struck rules that had been promulgated by the DEA that would have made the Company's products a scheduled substance and the Court permanently enjoined the DEA from enforcing the stricken rules.
There has been no superseding ruling since the Ninth Circuit's decision. Therefore, the Company's products continue to be legal and are not controlled substances. Accordingly, the legality of Medical Marijuana, Inc.’s products remains unchanged in light of this new Federal Registry.
Further, our Company considers the development a major market opportunity, as we have analyzed and followed the chain of custody of our products from inception to ensure that they are derived from the exempt parts of the Cannabis plant and are therefore not controlled substances."
Read the full announcement here.