Conversations around rescheduling cannabis usually center around how such a move will affect the adult-use cannabis industry. However, the bigger impact of such a move could be on medical marijuana.
If the plant is rescheduled from a Schedule I drug to Schedule III, cannabis would be on par with most prescription medicines. But there’s still a need for more information and education about the medical benefits of cannabis, a need demonstrated by the growing popularity of Leafwell, a website that specializes in just that.
Chief Medical Officer Dr. June Chin said the company sees more than 15,000 patients per month and the website has more than a million visitors per month. The company is active in 37 states with more than a hundred providers and specializes in 30 different conditions.
Gap in understanding
Chin conceded that the focus of marijuana legalization has turned more toward adult-use products than the medical products that initially triggered legalization. However, she noted, adult-use legalization often also translated into a rise in interest among medical consumers.
Many patients feel comfortable in visiting a recreational dispensary, she said, but they eventually realize that the budtenders can’t answer specific questions related to medical use or make recommendations for specific medical conditions. So they have to search elsewhere for assistance.
But that need for information doesn’t stop with the patients. Now that rescheduling is on the table, the larger medical community is looking as well.
“Some of the providers had just thought, ‘You know what? I’m not going to even think about it (cannabis) or touch it because of its schedule.’ Now, they’re like, ‘Wait, it’s being rescheduled.’” Chin said.
Chin, who also teaches at Syracuse University and New York University, noted that LeafWell is also looking at working with employers as rescheduling could impact companies as their employees consume more.
“Home Depot made that announcement saying they weren’t testing for cannabis anymore, and at a human resources conference in Chicago a few months ago, the biggest topic was addressing cannabis usage,” Chin said. “They want to offer someone for their employees to talk to if they are uncomfortable talking to their regular physician about it.”
Mainstream acceptance
There’s yet another layer of how rescheduling could significantly affect medical marijuana. Companies are starting to consider approving the plant as an accepted form of treatment to reduce medical expenses.
“Their biggest expense is cancer care for their employees, and we just published a study on how medical cannabis decreases cancer costs,” Chin said. “So instead of going to the ER for nausea, vomiting for dehydration, anxiety, panic attacks, when you’re using medical cannabis, it can decrease your costs.”
It’s not just wishful thinking either, she added. “Looking at claims data, right? We looked at 15,000 patients, six months with cannabis and six months without ever taking cannabis. There was a 48% decrease in ER visits and a 50% decrease in PCP (primary care physician) visits.”
Chin thinks insurance companies will also feel more comfortable with approving coverage of cannabis if it is a Schedule III drug.
“If you’re working with a payer, if you’re working with Aetna and it’s covering the cannabis care, why wouldn’t we offer this and carve it out like dental and vision?” she asked.
The move to schedule III could open doors to more patients, more doctors and even insurance coverage. Read More