CNN: Justice Dept plans to reschedule marijuana as a lower-risk drug

The Biden administration moved to reclassify marijuana as a low-risk substance. Specifically, the US Department of Justice recommends reclassifying it from a Schedule I controlled substance to a Schedule III controlled substance. The Schedule III classification will put marijuana in a similar category to prescription drugs like ketamine while Schedule I is for drugs like heroin and ecstasy. While the reclassification is recommended, the process to do so can be lengthy and can take months to conclude.  

Cannabis has become a multi-billion-dollar industry with various companies in different sectors participating. State-licensed cannabis dispensaries and retail are expected to generate around $32.1 billion in 2024. Cannabis is legal to use recreationally in 24 states while 38 states allow its use for medical purposes.  

To read the full article by Alicia Wallace, click here.