Cannabis and hemp industry might be looking at a sea change

Last month, President Trump signed an executive order seeking to reclassify marijuana as a Schedule III drug. Cannabis is currently Schedule I, alongside drugs the DEA defines as having no currently accepted medical use and a high potential for abuse. Trump’s order fast-tracks the reclassification, and it could significantly change the industry, opening new doors for cannabis research and easing a punishing tax burden faced by businesses that grow and sell the product. The order may also act as a counterbalance to the quickly closing “hemp loophole,” a provision in Congress’ shutdown-ending resolution that will ultimately put tighter restrictions on what products cannabis businesses can sell.   Beau Whitney is the chief economist at Whitney Economics, an Oregon-based cannabis and hemp consulting organization. Mason Walker is the CEO of East Fork Cultivars, an Oregon cannabis and hemp business. They join us to talk about how these ongoing changes could shape the future of the cannabis and hemp industries.