Axios - The Biden administration is moving — ever so slowly — to loosen restrictions on marijuana ahead of the 2024 election. Polls show substantial support for marijuana legalization. The Department of Health and Human Services told the Drug Enforcement Administration it wants cannabis reclassified as a Schedule III drug. The move would make it easier for companies to bring cannabis products to market, Bloomberg reports.
Marijuana has been categorized as a Schedule I drug since 1970 — meaning it's considered to have no accepted medical use and a high potential for abuse, Axios' Jacob Knutson writes. Schedule I drugs include heroin, LSD and ecstasy. Schedule III substances are considered to have some medical uses and a lower potential for addiction. Advocates want the Biden administration to go further and remove marijuana from the list of controlled substances instead of rescheduling it."This historic recommendation is the best news for the cannabis industry in 70 years, but this isn't a done deal," James Whitcomb, who leads a marijuana insurance startup, told Axios' Dan Primack.
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