US Administration Aims to Reclassify Marijuana as Less Dangerous Drug

US administration is aiming to reclassify marijuana as a less dangerous drug, proposing a shift from its current Schedule I classification alongside heroin and LSD to Schedule III, making it obtainable with a prescription. This move, if approved, could significantly impact the multibillion-dollar marijuana industry, potentially easing regulations and boosting profitability.

President Biden’s decision follows a previous move to pardon thousands of individuals convicted of marijuana possession and a call for a review of the drug’s classification. Advocates see this as a step toward aligning federal policy with evolving public opinion and state laws, with more than half of U.S. states having legalized marijuana for various purposes.

However, challenges remain, including potential legal hurdles and differing viewpoints within government agencies regarding marijuana’s medicinal benefits and abuse potential. Despite potential reclassification, marijuana would remain illegal under federal law without further congressional action, but the proposed change could signal a significant shift in federal policy.

The proposal has already sparked market reactions, with cannabis-related stocks experiencing notable gains. However, the finalization of any regulatory changes could take months and may face further delays due to potential legal and regulatory processes.

Overall, the move to reclassify marijuana reflects shifting attitudes toward drug policy and could have far-reaching implications for both the industry and broader public health considerations.

For more information, please refer to original notice posted by The Wall Street Journal.