Earlier this week, the United Nations Commission on Narcotic Drugs (CND) announced a major milestone and voted in favor of a recommendation from the World Health Organization (WHO) to remove cannabis and cannabis resin from Schedule IV of the 1961 Single Convention on Narcotic Drugs.

The passing of the recommendation could prove to be a major catalyst for the global medical cannabis industry. From regulatory oversight to scientific research, the potential avenues for growth that are associated with the development are wide ranging and of significance.

The vote was closer than we expected, and 27 people voted in favor of the recommendation. There were 25 votes against the recommendation and the CND voted against five other recommendations.

The recommendations that were not approved by the CND include:

The recommendation that was passed by the CND is significant and acknowledges the potential medical benefits that are associated with cannabis. The passage of this particular recommendation could support medical cannabis legalization efforts around the globe and will monitor how it impacts the industry in 2021.

The outcome of the vote could start a process where countries re-evaluate how cannabis is classified on their respective lists of narcotics. It could also potentially pave the way for more research into the use of medical cannabis as a treatment for a variety of debilitating ailments and conditions.

Although most of the recommendations were not passed by the CND, we believe that the passage of one recommendation is an important milestone for the industry. We expect 2021 to be a period of growth for the international cannabis market and will monitor how other countries adapt to a changing market environment.

Authored ByMichael Berger

Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.

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