DEA Reportedly Agrees to Reclassify Marijuana Under Federal Law

The reclassification of marijuana by the DEA is a monumental shift in federal cannabis policy that has been long-awaited by advocates and industry leaders. Moving from Schedule I to Schedule III under the Controlled Substances Act, marijuana will now be recognized for its medical benefits and lower potential for abuse. This decision, pending formal announcement, follows a recommendation from the U.S. Department of Health and Human Services and is seen as a positive step in federal cannabis policy reform.

Advocates like Matthew Schweich of the Marijuana Policy Project emphasize the need for broader reform efforts at the state level to address the criminalization of medical cannabis patients and users. Despite the reclassification, there is disappointment with the pace of progress under the Biden administration, as marijuana’s legal status still does not align with its relatively low risk compared to other substances.

Industry leaders in the regulated cannabis market, such as Matt Darin of Curaleaf and George Archos of Verano Holdings, welcome the DEA’s decision as a move towards undoing the harms of the War on Drugs. They highlight the widespread support for cannabis legalization and its economic and medicinal benefits. George Sadler, CEO of Gelato Cannabis, anticipates significant financial benefits for regulated marijuana companies with reclassification, as they will no longer face tax restrictions applied to Schedule I substances.

Overall, the reclassification of marijuana to Schedule III reflects evolving attitudes and scientific recognition of its therapeutic value, marking a pivotal moment in cannabis policy reform in the United States. With the regulated cannabis industry poised to benefit from reduced business costs, this decision is a significant step towards a more progressive and inclusive approach to marijuana regulation.