President Joe Biden has announced that his administration is officially moving to reschedule marijuana under federal law, applauding the “monumental” action that follows an extensive administrative review that he directed.
The Justice Department will soon post its proposed rule to move cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA) in the Federal Register, a senior administration official said on Thursday. There will then be a 60-day public comment period before the rule is potentially finalized.
“This is monumental,” Biden said in a video announcing the rescheduling news. “Today my administration took a major step to reclassify marijuana from a Schedule I to a Schedule III drug. It’s an important move towards reversing longstanding inequities.”
this is a major tax change with 280e removed for equities. Secondly - new paradigm shift in america as cannabis is classified as a medicine