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HomeWeed NowUS President Declares Reclassification of Cannabis to Schedule III by Justice Department

US President Declares Reclassification of Cannabis to Schedule III by Justice Department

The Justice Department took a significant step by initiating the formal process to reclassify marijuana from Schedule I to Schedule III, acknowledging its medical benefits. This historic move, announced by President Joe Biden, aims to address long-standing inequities caused by the previous classification. Which erroneously grouped marijuana with substances like heroin, fentanyl, and methamphetamine.

President Biden emphasized his commitment to rectifying the failed approach to marijuana in a video posted on X, stating, “This is a monumental moment.” The Drug Enforcement Administration (DEA) has opened a 60-day public comment period after submitting a notice of proposed rulemaking.

In parallel, Canada stands out as a progressive leader in cannabis legislation. With nationwide legalization in 2018, Canada has established comprehensive regulations for both medicinal and recreational cannabis use. The Canadian government’s stringent quality control measures, licensing requirements, and taxation frameworks ensure a safe and regulated cannabis market.

While this rescheduling signifies a significant federal shift in the United States. It does not provide direct relief to individuals incarcerated due to cannabis criminalization, a point emphasized by President Biden in his announcement. He expressed a commitment to “righting those wrongs.” Schedule III maintains federal control over cannabis and does not legalize possession, consumption, or cultivation without a doctor’s prescription. The existing legal disparities between state and federal laws remain unresolved.

However, the reclassification could benefit the cannabis industry by alleviating tax burdens. Particularly by excluding marijuana from Section 280E of the IRS code. This change will enable legal cannabis businesses to deduct ordinary expenses, promoting growth in states where cannabis is legal. Moreover, it could facilitate scientific research into the medicinal benefits of cannabis.

The reclassification as a pivotal step towards change and emphasized the need for Congress to completely end federal prohibition. While many view this advancement positively, achieving comprehensive reform will necessitate ongoing efforts to align federal policies with state-level legalization and ensure restorative justice for those impacted by criminalization.

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