Bombshell Marijuana News

(DCWatchdog.com) – In a bombshell development, the Biden administration seems poised to take what is described in reports as a “historic” or “landmark” step toward relaxing federal regulations on marijuana by planning to introduce an interim rule that would reclassify the substance.

The reclassifying will occur for the first time since the enactment of the Controlled Substances Act over fifty years ago, according to four informed sources speaking to NBC News, cited by DNyuz.

The Drug Enforcement Administration (DEA) is anticipated to endorse a recommendation from the Department of Health and Human Services, suggesting that cannabis be reclassified from the most restrictive Schedule I to the more lenient Schedule III.

This shift would mark the inaugural recognition by the U.S. government of the drug’s potential medical benefits, prompting thorough investigations into these properties.

“The Justice Department continues to work on this rule. We have no further comment at this time,” a Biden administration official stated.

Rescheduling marijuana means it would no longer be grouped with substances like heroin, methamphetamines, and LSD under Schedule I, which comprises drugs deemed to have no accepted medical use and a high potential for abuse.

Instead, cannabis would be categorized alongside Schedule III substances such as Tylenol, with codeine, steroids, and testosterone.

This change would allow for extensive scientific research and exploration of tangible medical benefits of cannabis, thereby facilitating pharmaceutical involvement in the marketing and distribution of medical marijuana in jurisdictions where it is legalized.

For the cannabis industry, currently valued at $34 billion, this reclassification would significantly alleviate tax burdens on businesses operating legally, particularly by eliminating the prohibitions under Internal Revenue Services code Section 280E that prevent these companies from deducting typical business expenses.

Moreover, the Department of Justice’s decision could also diminish the thriving black market, which has been undermining legally regulated and heavily taxed markets in states like New York and California.

The report points out that this initiative has been in development for some time.

In October 2022, President Joe Biden directed the Department of Health and Human Services to reassess the classification of marijuana.

Federal researchers have since determined that there is substantial evidence of its medical benefits and that it poses lesser health risks compared to other controlled substances.

Biden made a historical reference to this initiative during his State of the Union address earlier this year.

“No one should be jailed for using or possessing marijuana,” he stated.

This marked the first time that he mentioned marijuana from the dais in the House chamber.

Copyright 2024, DCWatchdog.com