The U.S. Department of Justice formally filed a historic proposal on Thursday (16th) to reclassify marijuana as a safer drug and to clarify that the risk of abuse of marijuana is lower relative to other higher-risk drugs. The provision, if enacted, would also facilitate more research into its medicinal benefits.
The proposal states, "In addition, no safety concerns were identified in FDA's review, indicating that the medical use of marijuana does not pose an unacceptably high safety risk."
The U.S. Drug Enforcement Administration (DEA) is currently accepting public feedback on the proposal, a process that will likely take a long time but has been endorsed by Attorney General Merrick Garland. If approved, this new regulation removes marijuana from Class I drugs (including heroin, LSD, etc.) and moves it to Class III, the same class as ketamine and some anabolic steroids.
The department reviewed the classification of marijuana in 2022 at the request of President Joe Biden. In addition, Biden has taken steps to pardon thousands of people convicted at the federal level for marijuana possession and has asked state governors and mayors to take similar action to expunge convictions. He hopes the move will increase voter support for Democrats in an election year, especially among younger voters. Biden promised, "Too many people's lives have been put on the line because of the mishandling of marijuana, and I'm committed to righting those wrongs. You can take my word for it."
Previously, the Assistant Surgeon General of the federal Department of Health and Human Services (HHS) recommended that the DEA include marijuana as a Class III drug back in August 2023.The DEA has yet to define a specific classification that marijuana should receive.
If marijuana classification is relaxed at the federal level, cannabis companies would benefit, such as being eligible to list on major stock exchanges and receiving more generous tax breaks. In addition, they may face fewer banking restrictions. Because marijuana is federally illegal, most U.S. banks do not lend to or provide services to marijuana companies, prompting many to rely on cash transactions.
The public will have 60 days to submit comments on the Justice Department's proposal and can also request a public hearing on the proposal.
