President Biden’s administration has taken a historic step by formally proposing the reclassification of marijuana as a less dangerous drug. This move brings federal policy closer to the views of the vast majority of Americans who support the legalization of marijuana for medical or recreational use.
Marijuana has been classified as a Schedule I drug under the Controlled Substances Act since 1970, putting it in the same category as heroin and LSD. This classification has hindered research, restricted access to banking services for businesses in the marijuana industry, and prevented interstate commerce.
Under the proposed reclassification, marijuana would be downgraded to a Schedule III drug, alongside drugs like codeine, which have a moderate to low likelihood of dependence. This shift would not legalize marijuana, but it could lead to fewer arrests at the federal level and open up new opportunities for research and industry growth.
The administration’s proposal is seen as a potential vote winner for Biden as he faces Republican Donald Trump in a tough election rematch this November. It is also a step towards addressing the racist past of marijuana prohibition, which disproportionately targeted minorities.
The reclassification process will include a public comment period and a potential hearing before a judge. Until the process is complete, marijuana will remain a controlled substance at the national level. However, the proposed changes have already sent shockwaves through the industry, with legal operators expressing optimism about the future.
Industry experts believe that the reclassification would allow companies to deduct their operating expenses from their taxes, which is currently prohibited. It could also unlock important research on the medical efficacy of cannabis and bring about real change for legal operators.
The proposal has been met with praise from the NAACP civil rights organization, which stated that it will bring about real change for legal operators and address the disproportionate impact of marijuana-related arrests on Black Americans.
