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Biden Administration Moves to Reclassify Marijuana as Schedule III Drug

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President Biden takes steps to reclassify marijuana for federal law.

description: an illustration of a cannabis leaf surrounded by scientific equipment, symbolizing research opportunities and medical advancements in the cannabis industry.

The Biden administration on Thursday took a major step to reclassify marijuana from a Schedule I to a Schedule III drug. This move marks a significant shift in how the federal government views and regulates cannabis. The decision comes after years of advocacy from proponents of marijuana legalization and reform.

This is the next step in the rescheduling process begun by President Joe Biden in October 2022 that is set to be the largest shift in drug policy in decades. By moving marijuana to a Schedule III classification, it will open up more research opportunities and potentially make it easier for patients to access medical cannabis.

The Biden administration moved on Thursday to downgrade marijuana from the most restrictive category of drugs. This decision is expected to have far-reaching implications for the cannabis industry, as it could pave the way for more widespread acceptance and use of marijuana for medical and recreational purposes.

Cannabis stocks have jumped as much as 15%, in the minutes after President Joe Biden announced the government will treat marijuana as a less harmful substance. This news has been welcomed by investors and advocates alike, who see this as a positive step towards ending the stigma surrounding marijuana.

Gov. Jared Polis is praising President Joe Biden for taking steps toward rescheduling marijuana as a lower-risk substance. Polis believes that this move will not only benefit patients who rely on medical cannabis but also open up economic opportunities for the industry as a whole.

President Joe Biden has formally endorsed a proposal by the Justice Department to reclassify 'botanical cannabis' from Schedule I to Schedule III. This decision has been met with mixed reactions from lawmakers, with some applauding the move as a step towards more sensible drug policy, while others remain skeptical of the potential consequences.

Overall, the reclassification of marijuana from a Schedule I to a Schedule III drug represents a significant shift in federal drug policy. This decision has the potential to impact everything from medical research to criminal justice reform, and could signal a turning point in the national conversation around cannabis.

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