United Nations Vote to Reschedule Cannabis

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. The UN Commission on Narcotic Drugs (CND), the main drug policy maker of the UN, has voted on changes to the way cannabis and related substances are scheduled in two international drug treaties; the Single Convention on Narcotic Drugs 1961 and the Convention on Psychotropic Substances of 1971. These historic results were announced following a meeting held in Vienna on Wednesday 2 December 2020. Member nations of the UN are recommended, over time, to amend their respective domestic legislation to adopt the approved changes in the international drug treaties. What does this mean for the medicinal cannabis sector worldwide, in New Zealand, and for Cannasouth (NZX:CBD, 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." -ENDS- For further information visit www.cannasouth.co.nz or contact: Mark Lucas CEO, Cannasouth Limited Email: mark.lucas@cannasouth.co.nz Mobile: 021 484 649 Colin Foster CFO, Cannasouth Limited Email: colin.foster@cannasouth.co.nz Mobile: 027 577 1498 End CA:00364424 For:CBD Type:MKTUPDTE Time:2020-12-03 12:41:15