THERE is no indication when Jamaica could see its first cannabis company registered on the local stock market, but key players in the sector are hopeful it will happen soon.

As global powers equivocate with the classification of the weed, leaders at Jamaica’s Cannabis Licensing Authority (CLA) are keeping their fingers crossed that the tight hold on the plant will be relaxed to allow the medical and commercial industry to grow.

During this week’s Jamaica Observer Monday Exchange the top brass of the CLA pointed to the recent indication by the United States (US) that cannabis could be moved from a Schedule I drug to Schedule III.

That announcement earlier this year was welcomed by players in the industry; however, months later it is not clear where cannabis will sit on the US drug scheduling list as US lawmakers continue debate on the matter.

According to CLA Chief Executive Officer Farrah Blake, “rescheduling of ganja would answer a lot of questions” in relation to access to the banking system and eligibility for grants for farmers and businesses in the industry.

As it relates to Jamaica possibly seeing its first regulated marijuana company hit the stock market, chair of the CLA Dr Nadeen Spence said, “We have to keep our fingers crossed” that marijuana will in fact be reclassified to reflect a Schedule III status.

It would, she argued, “translate into something that reassures the banking sector that ganja is not as risky as it currently is”.

Although uncertainty looms over ganja’s position on the list, Walter Melbourne, director of licensing and applications at the CLA, said there nevertheless needs to be an appreciation for the progress being achieved by the entity.

“Wherever we are now, it is a metamorphosis, a giant leap. In the 1970s, if you were caught with even a small amount it was a mandatory prison sentence. Some of our prominent people in society have had trouble. There was a lot of persecution and prosecution. Where we are now is really a massive step. I am making the point to say, who knows. Let’s keep going and we might very well see it there one day,” said Melbourne.

The US Drug Enforcement Administration (DEA) describes Schedule I drugs as substances or chemicals with no currently accepted medical use and have a high potential for abuse, such as heroin and ecstasy.

Schedule III drugs are substances or chemicals with a moderate to low potential for physical and psychological dependence. The DEA states that drugs listed under Schedule III are considered to have less potential to be abused than Schedule I and II drugs.

The US Department of Justice has already officially reclassified cannabis as less dangerous, marking a major shift in that country’s drug policy.

Acting Attorney General Todd Blanche changed the classifications of products containing marijuana that are covered by the Food and Drug Administration or that have received a state medical marijuana licence.

They will move cannabis from a Schedule I narcotic like heroin to a Schedule III drug — on par with Tylenol with codeine.

Marijuana remains illegal at the federal level. Despite the federal ban, most US states have legalised the medical or recreational use of marijuana, and many have shops where it can be purchased legally.