EXCLUSIVE – System Of A Down’s Shavo On Cannabis Rescheduling: “Still A Long Way Ahead, But This Is A Huge Milestone”

Shavo Odadjian, founder of a cannabis brand 22Red and bassist in a heavy metal band System Of A Down welcome to a recent announcement from President Joe Biden that marijuana would be moved from a Schedule I drug to a Schedule III drug under federal law. Odadjian, a longtime cannabis advocate and entrepreneur, shared his reaction in an exclusive statement to Benzinga Cannabis, highlighting the positive implications for both the industry and consumers.

“It’s exciting to see the U.S. government make real changes to the way we treat cannabis. I have been in this business for years and have been a consumer for decades,” Odadjian said. He highlighted the wider benefits of this reclassification, noting: “The move from Annex I to Annex III will benefit not only those of us who want to share the power plant in its peak form, but also consumers who want option, quality and greater ease overall in getting your hands on it.”

The Biden administration’s move marks a significant shift in federal cannabis policy. The Department of Justice will publish proposed regulations on this topic in the Federal Register, initiating a 60-day public comment period. The action is seen as a step toward redressing long-standing inequities and removing barriers that hinder the cannabis industry.

Odadjian, who has built a successful cannabis brand with 22Red, sees this development as a key milestone. “We still have a long way to go, especially from a justice standpoint after the war on drugs, but this is a huge milestone,” he said. His sentiment reflects the relief and optimism expressed by many in the industry who have faced stringent regulations and limited business opportunities under the current federal schedule.

Cannabis companies and legalization supporters praised President Biden’s decision. david klein, CEO Canopy growth (NYSE:CGC) hailed the change as a major step forward, highlighting its potential to correct historical injustices and support industry development. Similarly, Kim Rivers, CEO Trulieve (OTC:TCNNF), hailed the move as historic, highlighting its importance to federal cannabis reform.

The rescheduling is expected to have significant economic impacts, particularly in terms of taxation. With cannabis moving to Schedule III, companies will no longer be subject to the burdensome 280E tax code, which prevents them from deducting normal business expenses. David Hart, CEO Cannabis company (OTC:CBSTF), highlighted this benefit, noting that it would enable more sustainable operations and greater reinvestment in innovation and social support.

As the cannabis industry looks forward to a more favorable regulatory environment, Odadjian’s reaction reflects the cautious optimism of many. The journey toward full legalization and comprehensive criminal justice reform continues, but rescheduling marijuana sales is a key step in that direction.

Photo courtesy of 22Red.

This content was created in part using AI tools and reviewed and published by Benzinga editors.