The Biden administration plans to announce an interim rule reclassifying cannabis for the first time in over 50 years. The Drug Enforcement Administration is expected to approve reclassifying marijuana as a Schedule III drug, acknowledging its potential medical benefits. Attorney General Merrick Garland submitted a proposal to the White House Office of Management and Budget for review. Once published, there will be a 60-day public comment period before a decision is made.
The reclassification of cannabis would allow for research into its medical benefits and open the door for pharmaceutical companies to get involved in its sale and distribution in states where it is legal. It would also remove tax burdens for legal cannabis businesses and potentially help shrink the black market. President Biden directed the Department of Health and Human Services to review marijuana’s classification in 2022, and federal scientists concluded that it provides medical benefits with lower health risks than other controlled substances.
Despite opposition from some, such as former Obama administration advisor Kevin Sabet, who believe the decision is politicized, the move to reclassify marijuana has gained bipartisan support in Congress. Lawmakers are considering bills such as the SAFER Banking Act, which would grant legal businesses access to traditional banking services, and the HOPE Act, which would expunge criminal records for non-violent cannabis offenses. Senate Majority Leader Chuck Schumer praised the administration’s move and called on Congress to take further action in ending the federal prohibition on cannabis.
While some lawmakers support the move to reclassify marijuana, there is a call for more comprehensive legislation to address issues such as restorative justice for individuals impacted by the War on Drugs. Sen. Cory Booker praised the administration’s decision but emphasized the need to legalize cannabis for adult use and create a comprehensive taxation and regulatory scheme. There is weariness among lawmakers who remember the unintended consequences of past cannabis legislation, such as the rise of unregulated synthetic and exotic cannabinoids.
The decision to reclassify cannabis is seen as a historic step toward recognizing its medical benefits and addressing the failures of the War on Drugs. The move would have a significant impact on the cannabis industry, potentially leading to increased research, legal protections, and access to financial services. Despite challenges ahead, such as a potential public review period and Congressional action, the reclassification of cannabis represents a shift in federal policy that aligns with the growing support for marijuana reform among Americans.
