In a milestone move, the Drug Enforcement Administration is calling for cannabis to be reclassified under federal law, according to an announcement made on April 30, 2024. This decision marks a significant shift in the government's stance on marijuana, which has long been classified as a Schedule I drug alongside substances like heroin and LSD.
Updated 3:40 p.m. April 30, 2024. The Drug Enforcement Administration (DEA) will reclassify cannabis as a Schedule III drug under the Controlled Substances Act. This move comes after years of debate and advocacy from proponents of medical marijuana and those seeking to reform drug laws in the United States.
For the first time, the Drug Enforcement Administration has called for 'botanical cannabis' to be reclassified under federal law. This decision could have far-reaching implications for the cannabis industry, including potential changes to banking regulations, tax laws, and research opportunities.
Cannabis stocks were up sharply on Tuesday on a report by the Associated Press that the U.S. Drug Enforcement Administration is poised to reclassify the drug. Investors and industry stakeholders are closely monitoring the situation, as a change in scheduling could open up new markets and opportunities for cannabis businesses.
Senate Majority Leader Chuck Schumer (D-NY) says that while the Drug Enforcement Administration's reported decision to propose reclassifying cannabis is a step in the right direction, more work needs to be done to fully legalize and regulate the drug at the federal level. Schumer has been a vocal advocate for marijuana reform and has pushed for comprehensive legislation to address the issue.
The DEA is planning to recommend reclassifying marijuana as a less dangerous drug, moving it from Schedule 1 to Schedule 3, sources told ABC News. This shift could have implications for how marijuana is regulated, researched, and prescribed by healthcare providers across the country.
The measure, if enacted, would not instantly legalize marijuana at the federal level but could broaden access to the drug for medicinal use. Patients in states where medical marijuana is legal may benefit from increased availability and reduced stigma surrounding cannabis as a result of the DEA's decision.
(CNN) — The Biden administration will move Tuesday to reclassify marijuana as a lower-risk substance, a person familiar with the plans told. This move aligns with President Biden's campaign promises to support marijuana decriminalization and expand access to medical cannabis for patients in need.
