HHS recommends reclassifying marijuana to DEA officials
The U.S. Department of Health & Human Services is requesting DEA officials reclassify marijuana's drug status to that of a Schedule III substance. Yahoo Finance Health Care Reporter Anjalee Khemlani explains the broader implications this will have on expanding medical research and easing banking requirements for marijuana distributors.
Video Transcript
AKIKO FUJITA: Cannabis stocks getting a boost after UC Health officials call-- are calling for marijuana to be reclassified to a lower risk category. Here to break down the latest is Yahoo Finance's Anjalee Khemlani. Anjalee, how likely is this to happen?
ANJALEE KHEMLANI: Well, as of right now, there is a memo out to the DEA from the Health Department asking for this basically declassification almost, which is what we know has been a focus in Congress as well. You've seen the moves around the country to declassify it or to make offenses regarding marijuana less stringent.
And so that has been something that has been a focus, especially when it comes to the need for research around its use. And that's really the focus behind the health department's asking for it to move from a class I or Schedule I drug into a Schedule III and lowering the severity for its uses. And so that is what we know right now based on a report from Bloomberg, which saw the note.
And so that is-- you know, like I mentioned, there has been a lot of Congress push-- push in Congress to get these laws moved. We've seen around the country where marijuana is sold now. And it could really boost those stocks, as you saw on your screen earlier, with this report, if it does, in fact, go through. And this is just another avenue to get that movement at the federal level, which has been slower than what we've seen at state levels.
SEANA SMITH: Anjalee, another story that I know you're following this time with prescriptions opioid overdose emergency treatment, Narcan. It's going to be hitting shelves pretty soon this fall. What are the details there?
ANJALEE KHEMLANI: That's right. It is going to be available this fall, actually, in next month. So within a few days, the manufacturers' right-- price from the producer, which is Emergent Biosolutions is about $45, which some have commented could keep it out of reach from those who need it the most. It is used for opioid overdose treatments. That includes from painkillers as well as drugs like heroin.
So it's been used for many years in emergency departments in-- first responders have been using it. And there have been a lot of-- there's been a lot of community groundswell efforts to get it over the line, get it into the hands of those who need it. And now, it can be used in homes.
There have been-- the FDA just earlier this year approved it for over-the-counter use. So relying less on, say, the manufacturers being able to supply it or community efforts to have it supplied in homes. This puts it right in the hands of the consumers for a price tag, of course.
And there are concerns about whether or not insurance could play a role in this. Of course, once it gets to over-the-counter, that removes insurance coverage. But whether or not it could still be covered remains a question. So a lot of focus on this news right now. And it was initially supposed to come out actually in summer. But now, we're seeing it come out next month. So good news for those who need it.
SEANA SMITH: Very good news. All right, Anj, thank you.
