According to a Reuters report on May 17, the U.S. Department of Justice formally proposed a historic measure on Thursday (16th) to reclassify marijuana as a safer drug, explicitly stating that the abuse risks of marijuana are lower compared to other higher-risk drugs. If implemented, this regulation would also facilitate more research into its medicinal benefits.
The proposal states, “Additionally, the FDA review found no safety issues, indicating that the medical use of marijuana does not present an unacceptably high safety risk.”
The U.S. Drug Enforcement Administration (DEA) is currently accepting public comments on this proposal. Although this process may take a considerable amount of time, Attorney General Merrick Garland has already endorsed it. If approved, this new regulation would remove marijuana from Schedule I drugs (which include heroin and LSD) and reclassify it as a Schedule III drug, alongside ketamine and some anabolic steroids.
In 2022, this department conducted a review of marijuana classification at the request of President Joe Biden. Additionally, Biden has taken measures to pardon thousands of individuals federally convicted of marijuana possession and has urged governors and mayors to take similar actions to expunge these convictions. He hopes that this move will boost Democratic voter support, particularly among young voters, in an election year. Biden pledged, “Too many lives have been upended because of our failed approach to marijuana. It’s time to right these wrongs. You can count on my word.”
Previously, in August 2023, the Assistant Secretary for Health of the U.S. Department of Health and Human Services (HHS) recommended that the DEA reclassify marijuana as a Schedule III drug. The DEA has yet to finalize the specific classification for marijuana.
If the federal government eases marijuana classification, marijuana companies would benefit, such as becoming eligible to list on major stock exchanges and receiving more generous tax breaks. Furthermore, the banking restrictions they face may be reduced. Due to marijuana’s illegal status at the federal level, most U.S. banks do not offer loans or services to marijuana companies, forcing many to rely on cash transactions.
The public will have 60 days to submit comments on the Justice Department’s proposal and may request a public hearing on the matter.
