It is a broad interpretation but it has appeared in the Federal Register many times. Technically it would have to be litigated by a court but courts generally grant federal agencies wide latitude to interpret statutory language.
In your example, how would they prove the CO2 was derived from thebaine? Apomorphine, which is derived from morphine, is a much better example. Apomorphine was listed as a schedule II morphine derivative until 1976 when it was explicitly removed from control.
http://www.ncbi.nlm.nih.gov/pubmed/23949903
My example was a bit of an extreme one, but what I was trying to say is that in 1 instance you can take a controlled substance, say thebaine, and obliterate it, producing nothing of use (for example CO2); in another instance you can take something really simple and unrelated, say benzene, and produce a "thebaine derivative", which itself is not illegal, in a number of steps (which can be unreasonably big) without actually starting from, using or having thebaine as an intermediate. So according to the logic I understand that the first product (CO2) would be illegal, while the second product would be legal, since it never involved a controlled substance.
If, as they say, the number of steps is irrelevant, then it can really get out of hand, which I'm sure you can see. Laws need to be strict and clear, there should be no room left for interpretation. Theoretically any known substance can be converted into any known/unknown stable substance in a finite number of reactions, so saying that "number of steps is irrelevant" and "all derivatives of controlled substances are also illegal" means that basically they've given themselves the freedom to name any substance illegal/controlled, as it theoretically can be derived from a controlled one.
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