NEW YORK, June 10, 2024 /PRNewswire/ — KCSA Strategic Communications, a leading integrated communications firm, has formally expressed its support for the rescheduling of cannabis under the Controlled Substances Act from Schedule I to Schedule III, in a letter addressed to the Drug Enforcement Administration (DEA) and the Department of Justice (DOJ). The firm believes this change would advance medical research, provide patients with new treatment options, support the growth of a promising industry, and stimulate the economy, while minimizing the potential for abuse and ensuring public safety.
KCSA’s letter emphasizes the potential of cannabinoid-based medications in treating various medical conditions, including epilepsy, multiple sclerosis, chronic pain and certain types of cancer. By rescheduling cannabis, research and development of these potentially life-changing drugs can be further advanced, compelling the U.S. Food & Drug Administration (FDA) to accelerate the review and approval process.
“As a firm that has been deeply involved in the cannabis industry for more than a decade, working with companies across the entire ecosystem, KCSA Strategic Communications has witnessed firsthand the immense potential of this market and the obstacles that hinder its growth,” said Lewis Goldberg, Managing Partner of KCSA Strategic Communications. “One of the most significant challenges facing the industry is the lack of substantial medical research, which is largely due to the current scheduling of cannabis. We strongly believe that rescheduling will not only open the doors for companies to invest in much-needed research but also foster an environment where the true medical potential of cannabis can be fully explored and realized.”
KCSA Strategic Communications’ letter also addresses concerns raised by opponents, such as the potential impact on public safety and increased adult use. The firm argues that rescheduling would not automatically lead to widespread legalization for recreational use, rather, it would allow for more robust research and the development of FDA-approved cannabinoid-based medications subject to strict regulations and oversight.
“We are 50 years behind in terms of lost time in advancing cannabis research. We’ve also incarcerated hundreds of thousands of people who have been charged with non-violent drug offenses in the misguided War on Drugs,” continued Goldberg. “The myth of the dangers of cannabis is one based in racism and partisan politics. Today, cannabis is one of the most bi-partisan issues today with 88% of U.S. Adults agreeing that cannabis should be legal for medical or recreational use, according to The Pew Research Center. It’s time for the federal government to align with the American sentiment on cannabis.”
Moreover, the letter highlights the significant economic impact of rescheduling cannabis on both public and private companies operating in the industry. Currently, these companies are subject to IRS rule 280E, which prohibits them from deducting ordinary business expenses from their taxable income, placing an unfair financial burden on cannabis businesses. Rescheduling cannabis to Schedule III would alleviate this burden, allowing companies to operate on a level playing field with businesses in other industries, ultimately benefiting patients, consumers and the economy.
The state-legal cannabis industry currently supports more than 440,000 full-time jobs in the U.S., according to Vangst and Whitney Economics. Rescheduling cannabis and providing a clear legal framework is expected to lead to a material increase in job growth, creating new opportunities for employment and stimulating local economies.
For more information about KCSA Strategic Communications and its stance on the rescheduling of cannabis, please visit https://www.kcsa.com/industry-specialties/cannabis. The Company also hosts a long-running podcast called The Green Rush that, on a weekly basis, speaks to key industry stakeholders.
About KCSA Strategic Communications
KCSA Strategic Communications (www.kcsa.com) is a fully integrated communications agency specializing in public relations, investor relations and social media, with expertise in cannabis, financial and professional services, technology, healthcare, psychedelic science, digital media and energy. Since 1969, the firm has demonstrated strategic thinking and program execution that drives results for its clients in the ever-changing communications and digital landscape. The firm’s clients are its best references.
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SOURCE KCSA Strategic Communications
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