There are established five schedules of controlled substances to be known as Schedules I, II, III, IV and V.

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A. The board shall place a substance in Schedule I if it finds that the substance: (1)     has a high potential for abuse; and

(2)     has no accepted medical use in treatment in the United States or lacks accepted safety for use in treatment under medical supervision.

B. The board shall place a substance in Schedule II if it finds that: (1)     the substance has a high potential for abuse;

(2)     the substance has a currently accepted medical use in treatment in the United States or currently accepted medical use with severe restrictions; and

(3)     the abuse of the substance may lead to severe psychic or physical dependence.

C. The board shall place a substance in Schedule III if it finds that:

(1)     the substance has a potential for abuse less than the substances listed in Schedules I and II;

(2)     the substance has a currently accepted medical use in treatment in the United States; and

(3)     abuse of the substance may lead to moderate or low physical dependence or high psychological dependence.

D. The board shall place a substance in Schedule IV if it finds that:

(1)     the substance has a low potential for abuse relative to the substances in Schedule III;

(2)     the substance has a currently accepted medical use in treatment in the United States; and

(3)     abuse of the substance may lead to limited physical dependence or psychological dependence relative to the substance in Schedule III.

E. The board shall place a substance in Schedule V if it finds that:

(1)     the substance has a currently accepted medical use in treatment in the United States; and

(2)     abuse of the substance may lead to limited physical dependence or psychological dependence relative to the substances in Schedule IV.