LAS VEGAS (KTNV) — As the Trump administration takes a major step to reclassify marijuana from a Schedule 1 to a Schedule 3 drug, cannabis companies are optimistic about what the move could mean for them.
An executive order signed by Acting Attorney General Todd Blanche is drawing praise from Jim Switzer, founder of Polaris Cannabis, which operates out of the central Valley.
WATCH | Justin Hinton spoke to him to learn more about how this move could affect local dispensaries:
"I was thrilled. Thrilled on many levels because we've been hoping for this for a long time," Switzer said.
The order means certain marijuana products will carry the same classification as some painkillers or testosterone, rather than heroin. That includes FDA-approved products containing marijuana and state-licensed medical marijuana products.
The order also expedites the process to consider rescheduling marijuana as a whole, which could potentially include its recreational use.
For Switzer, he's hopeful that change would lead to changes in banking, something cannabis businesses have long struggled to secure.
"Our hopes are that federal banks that are FDIC-insured will open their doors to cannabis companies," Switzer said.
That access could make a meaningful difference in day-to-day operations.
"When you don't have banking involved, you gotta figure out a way to pay for those lights because they're very expensive. Lights can go up to $1,200 per unit. You got 400 or 1,000 lights in your facility, it can get very expensive. So banking comes into play, like ok, maybe they'll consider a small business loan to get us over that hump so we can buy new equipment or expand," Switzer said.
It's not just businesses that could benefit, too. Switzer says customers could end up paying less because certain taxes that are ultimately passed on to the consumer could potentially go away.
Switzer acknowledges there is still a long road ahead, but sees this as a significant first step.
"We all just have to be patient, hold on and ride this out," Switzer said.
The next major milestone is a hearing in June for the broader rescheduling of marijuana.
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