The Biden administration has taken a significant step towards reclassifying marijuana as a lower-risk substance, a move that could have far-reaching implications for the cannabis industry and research into the drug's medical benefits.
According to a person familiar with the plans, the US Department of Justice has recommended that marijuana be rescheduled as a Schedule III controlled substance, a classification shared by prescription drugs such as ketamine and Tylenol with codeine. This move would acknowledge the medical benefits of marijuana and reduce the strict restrictions currently in place.
The recommendation comes after a thorough review by the US Food and Drug Administration (FDA) and the National Institute on Drug Abuse (NIDA), which found that marijuana meets the criteria for a Schedule III substance. This includes having a lower potential for abuse than other substances on Schedules I and II, a currently accepted medical use in treatment in the US, and a risk of low or moderate physical dependence in people who abuse it.
The move is a significant shift in the government's stance on marijuana, which has been categorized as a Schedule I substance for over 50 years. Schedule I substances are considered to have no accepted medical use and a high potential for abuse, and are subject to the strictest of restrictions.
The rescheduling of marijuana could open up new avenues for research into the drug's medical benefits, ease some of the harsher criminal penalties associated with its use and possession, and potentially allow cannabis businesses to bank more freely and openly. It could also result in firms no longer being subjected to a 40-year-old tax code that disallows credits and deductions from income generated by sales of Schedule I and II substances.
However, it's important to note that rescheduling marijuana will not solve the federal-state conflict surrounding the drug. The manufacture, distribution, and possession of recreational marijuana would remain illegal under federal law, regardless of the state's legality.
Despite this, the move is being hailed as a significant step forward by lawmakers on both sides of the aisle. Republican Rep. Nancy Mace of South Carolina called it "major news for businesses, tax deductions & research barriers," while Democrat Rep. Earl Blumenauer of Oregon said it was "one step closer to ending the failed war on drugs."
The cannabis industry has also welcomed the news, with many seeing it as a sign of growing acceptance of the drug. Since the first adult-use cannabis sale took place in 2014 in Colorado, the industry has blossomed into a multibillion-dollar market that has attracted the attention of multinational companies across sectors such as alcohol, agriculture, pharmaceutical, and tobacco.
Public sentiment has also shifted in favor of marijuana, with a record 70% of Americans surveyed by Gallup in November saying they supported cannabis legalization. In 2014, that share was 51%.
The move is also significant because it shows that the federal government is willing to reverse its stance on an issue where it has had a long-standing position. As Andrew Freedman, the former Colorado cannabis czar, noted, "It is rare for the federal government to reverse itself on an issue where it's had a stance for the last 100 years and arrested countless people for."
Overall, the rescheduling of marijuana is a significant step forward for the cannabis industry and research into the drug's medical benefits. While it will not solve the federal-state conflict surrounding the drug, it is a sign of growing acceptance and a willingness to reevaluate the government's stance on marijuana.
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