According to the report, Attorney General Merrick Garland was scheduled to submit the proposal to the White House Office of Management and Budget on Tuesday afternoon. President Biden has been vocal about his stance on this issue and has urged the Attorney General to expedite the process, suggesting his readiness to move forward once the proposal reaches his desk.
Cannabis has been defined as a Schedule I drug since 1971, when President Richard Nixon signed the Controlled Substances Act (CSA) into law, part of his wider Comprehensive Drug Abuse Prevention and Control Act, which provided a regulatory foundation for regulating controlled substances. The CSA classified drugs into one of five schedules; Schedule I drugs are defined as having a high potential for abuse and no medical use.
Reclassifying cannabis to a Schedule III substance, which encompasses drugs with some potential abuse but accepted safety for medical use, opens the door to opportunities to conduct more thorough research into its benefits and identify further tangible uses.
Once the public comment period concludes, the DEA will use the information it has accumulated to prepare its final ruling on the matter. The president does not need to sign the rescheduling into law.
While the rescheduling process is still ongoing, the proposal to reclassify cannabis has boosted the market and created optimism for the future of the cannabis industry. The Investing News Network will be following this story and providing updates as they unfold.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Leave a Reply