Last Tuesday's breaking news of cannabis rescheduling drove the cannabis industry into overdrive with elated thoughts from tax relief to soaring marijuana stocks to cannabis scientists presuming they no longer have to keep their research labs locked up like Fort Knox.

And now…the air seems to be seeping out of the celebratory balloon.

What Happened: Following comments from the head of the anti-cannabis legalization group Smart Approaches to Marijuana (SAM), Kevin Sabet that he was “hearing a lot of chatter” that a DEA decision regarding cannabis rescheduling was coming soon, 24 hours later he rattled the industry with some more insider news.

On Monday, Sabet told the world via Twitter that DEA administrator Anne Milgram, “did not sign the rescheduling order,” according to two confidential sources inside the DEA. Oops, there went the cannabis stocks.

"BIG: I can now say with full confidence that the Administrator of DEA, Anne Milgram, did NOT sign the rescheduling order, breaking with five decades of precedent and established law and regulations," Sabet said in the post, citing two confidential sources inside the DEA and another outside source with knowledge on the matter.

Finally, DEA Administrator Speaks For Herself

On Tuesday, adding another hill to the roller coaster ride, Marijuana Moment reported that Milgram told lawmakers prior to a hearing before the House Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies that it would be "inappropriate" for her to comment on the agency's recent marijuana rescheduling determination because the rulemaking process is "ongoing." Okay, a good sign.

While Milgram focused her opening remarks on combating fentanyl trafficking, she addressed the marijuana rescheduling news.

"Because the formal rulemaking process is ongoing—and my role in that process is to determine the scheduling of drugs—it would be inappropriate for me to respond to questions on this rescheduling matter," Milgram said.

So, hang on to your hats…the ride is not over yet.

Pro tip: Learn all about the future of the cannabis industry at the Benzinga Cannabis Capital Conference this October in Chicago where we hope the confusion is cleared up. Hear directly from key industry players and policymakers. Get your tickets now by following this link, and access a 20% discount using the code JAVI20.

Now read: Cannabis Stocks Retreat On New Rescheduling Order Developments: What’s Going On?

Photo: Courtesy of T. Schneider via Shutterstock