Bloomberg recently reported that Assistant Secretary for Health, Rachel Levine, submitted a formal request in a letter to DEA Administrator, Anne Milgram. This request urged the DEA to reconsider the classification of marijuana, advocating for its reclassification from a Schedule I substance to a Schedule III substance. This recommendation was grounded in a recent review conducted by the Food and Drug Administration.
Currently, marijuana is categorized as a Schedule I drug under the Controlled Substances Act. This classification implies that marijuana is deemed to possess a high potential for abuse and no acknowledged medical utility, placing it alongside substances such as heroin and LSD.
The Department of Health and Human Services (HHS) has put forth the proposition to reclassify marijuana, positioning it in the same category as substances like ketamine and testosterone. This recommendation is based on the belief that marijuana carries a moderate to low potential for dependence and a reduced risk of abuse.
It is worth noting that nearly 40 U.S. states have legalized marijuana to varying degrees. However, it still remains fully illegal in certain states and at the federal level. If marijuana were to be reclassified as less hazardous compared to drugs like heroin, it could represent an initial stride toward broader legalization—an approach that enjoys support from the majority of Americans.
In response to this development, an HHS spokesperson conveyed, “Following the data and scientific evidence, the Health and Human Services (HHS) department promptly responded to President Biden’s directive to HHS Secretary Becerra and delivered its recommendation for marijuana scheduling to the DEA on August 29, 2023.” The spokesperson further highlighted that this administrative process was concluded in less than 11 months, emphasizing the department’s collaborative effort and leadership in ensuring a comprehensive scientific evaluation was conducted and promptly disseminated.
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In October 2022, President Biden issued a directive to both Health and Human Services (HHS) Secretary Becerra and Attorney General Merrick Garland, tasking them with a comprehensive review of the federal classification of marijuana.
Should there be a relaxation in the federal scheduling of marijuana, this could potentially open doors for major stock exchanges to accommodate cannabis-related businesses. Additionally, it might pave the way for foreign enterprises to introduce their products into the U.S. market.
It is important to note that cannabis has been legalized in Canada, where it has become a focal point for publicly traded cannabis cultivators and distributors in North America. Many of these entities are expected to embark on expansions into the United States if federal legalization progresses.