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Cannasouth Limited (NZX: CBD) United Nations Vote to Reschedule Cannabis

Thursday 3rd December 2020

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The United Nations (UN) has approved the recommendation from the World Health Organization (WHO) to remove cannabis and cannabis resin from Schedule IV of the 1961 Single Convention on Narcotic drugs, where it sat alongside Heroin and other narcotics.

What does this mean for the medicinal cannabis sector worldwide, in New Zealand, and for Cannasouth?

Removing cannabis from Schedule IV means the medicinal use of cannabis is no longer a scheduled narcotic. Notwithstanding that cannabis remains a controlled substance in Schedule I. This may lead to member nations of UN re-evaluating cannabis classification and legislation to adopt the new UN scheduling.

Regulatory Affairs Specialist, Lina Lozano says, “New Zealand is ahead of the curve, with the introduction the Medicinal Cannabis scheme in April this year. This UN vote may encourage other countries to adopt similar legislation that could create future export opportunities for New Zealand medicinal cannabis products. However, it is important to note that Schedule 1 does require high levels of international control.”

Chief Science Officer, David Gill says, “This is a very positive move forward and would lead to significantly more clinical research and investment. This could unlock the full potential of this unique plant and further development of new and effective medicines.

“Cannasouth’s business model has always been focused on the medicinal cannabis market, and this outcome further supports our belief in the therapeutic benefits of cannabis as a medicine.”

See the link below for more details:

2020-12-03 UN Vote to Reschedule Cannabis

Source: Cannasouth Limited

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