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Washington DC
The Biden administration on Tuesday (Apr 30) will move to reclassify marijuana as a low-risk drug, marking an end to a decades-old policy which criminalised its use and completely disregarded its medical benefits.
The US Drug Enforcement Administration will recommend rescheduling marijuana as a Schedule III controlled substance, which will make it join the ranks of ketamine and Tylenol with codeine.
“[The Department of Justice] continues to work on this rule. We have no further comment at this time,” a US official was quoted as saying by CNN.
The recommendation by the US Drug Enforcement Administration will be reviewed by the White House and potentially might also require Congressional approval.
Current policy
For the last 50 years, marijuana has been classified as a Schedule I substance — drugs like heroin, bath salts and ecstasy. These substances have no medical use and hold massive potential for abuse.
US Food and Drug Administration (FDA) last fall recommended marijuana be rescheduled, as it met three criteria:
- A lower risk for abuse than other substances on Schedules I and II
- Known medical benefits
- A risk of low or moderate physical dependence in people who abuse it.
The National Institute on Drug Abuse said it supported the recommendation.
Policy in US states
As of today, 24 US states, two territories and DC have legalised the use of marijuana for adult recreational purposes, whereas 38 states allow it to be used for medical use.
Over the last decade, the cannabis industry in the US has exponentially grown into a multi-billion business, paving the way for more businesses and MNCs to explore opportunities.
Also read: Exploiting the `high`: American caught for selling `cannabis tours` in Colombia
Rescheduling cannabis can lead to further research and investments in the sector and support businesses.
Congress considering own bills
Meanwhile, Congress is believed to be working on its own bills to legalise the restricted use of marijuana.
For instance, The SAFER Banking Act would grant legal marijuana businesses access to traditional banking and financial services and could pass both chambers by the end of the year.
(With inputs from agencies)