In a historic shift, the Biden administration announced plans to reclassify marijuana as a lower-risk substance. This move acknowledges the medicinal value of cannabis and paves the way for significant changes in research and the cannabis industry.
The Department of Justice (DOJ) is recommending that marijuana be rescheduled from Schedule I, reserved for the most dangerous drugs with no accepted medical use, to Schedule III. This category includes prescription medications like ketamine and Tylenol with codeine.
"Today, Attorney General Merrick Garland circulated a proposal to reclassify marijuana from Schedule I to Schedule III," confirmed Xochitl Hinojosa, DOJ Director of Public Affairs.
This triggers a formal rulemaking process outlined by the Controlled Substances Act, involving public comment and likely taking several months.
The news was met with praise from both Democrats and Republicans. Congresswoman Nancy Mace (R-SC) called it "major news for businesses, tax deductions & research barriers," while Congressman Earl Blumenauer (D-OR)
stated it's "one step closer to ending the failed war on drugs."
Rescheduling marijuana carries broad implications:
Medical Research: Easier access for researchers studying the potential benefits of cannabis for various medical conditions.
Industry Growth: Potential for increased investment and growth within the legal cannabis market.
Federal Banking: Streamlining financial transactions for cannabis businesses, currently restricted due to federal classification.
While the process takes time, this decision marks a turning point in US cannabis policy. It signifies a growing recognition of the potential benefits of marijuana and a move away from its previous high-risk designation.
Source: CNN
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