Cincinnati dispensary celebrates DEA rescheduling marijuana, experts predict boost in business

NORWOOD, Ohio — As states like Ohio have relaxed rules on or outright legalized marijuana sales, the US Government and Drug Enforcement Agency had remained steadfast in labeling cannabis a Schedule I drug alongside heroin indicating it had no medical use.

That created an odd balancing act of legality and confusion for businesses like The Landing Dispensary in Norwood.

General manager Abayomi Nelson celebrated Tuesday’s announcement that the DEA would move to reschedule marijuana to Schedule III acknowledging that the product has medicinal use.

“This is massive,” Nelson said. “Finally, it’s essentially a groundbreaking moment for us.”

Nelson said he’s happy to see movement at the federal level — not just because he’s in the marijuana business. He’s also a patient.

“I have very bad knees, and just having a topical that can take the inflammation in my knees and pain relief at the same time without any psychoactive affects is fantastic,” Nelson said.

Business could also be revolutionized by a softening stance by the federal government, according to Green Check Verified Founder and CEO Kevin Hart.

“From the announcement, our phones have been ringing,” Hart said. “OK, now we want to take a look at this a little bit more.”

Green Check Verified connects marijuana businesses to financial institutions by ensuring everyone is complying with state and federal laws and regulations.

“You have to look at it from the side of the financial institution,” Hart said. “How do they know they’re letting good money in, and keeping bad money out?”

Hart said while it’s not explicitly illegal to bank funds from marijuana business in federal banks, the DEA moving to deschedule marijuana would do a lot to improve the confidence of financial institutions that they’re not getting involved in a shady industry.

“I think the news of the day is another step forward. It’s a big step forward,” Hart said.

Hart warned that it would still take time before anything tangible comes from the DEA changing its stance on marijuana as there will be a months-long public comment period before anything is made official.