Cannabis Industry Revolutionized By Privateer Holdings

Under federal law, marijuana is still classified as a Schedule I Controlled Substance, along with heroin, pursuant to the Controlled Substances Act (CSA) (21 U.S.C. 811). Nevertheless, the 2016 omnibus spending bill, approved by Congress on Dec. 16, 2015, forbids federal drug agents from raiding retail medical marijuana operations.

Legalization of Marijuana

On the legalization front, Colorado, Washington, Oregon, Alaska and the District of Columbia permit the use and sale of marijuana for recreational purposes. The legal marijuana issue confounds many federal lawmakers. Meanwhile, Privateer Holdings continues to prepare for legalization.

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