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Biden Administration, Led by Merrick Garland, Moves to Reclassify Marijuana as Schedule III Drug

May 16, 2024, 08:25 PM

The Biden administration has taken a significant step towards reclassifying marijuana from a Schedule I to a Schedule III drug under federal law. This move, announced by the U.S. Justice Department and initiated by Attorney General Merrick Garland, aims to ease restrictions on marijuana, recognizing its medicinal benefits and lower potential for abuse compared to drugs like heroin and LSD. The reclassification will facilitate more research on marijuana's medical uses and address longstanding inequities in drug policy. President Biden stated, 'Far too many lives have been upended because of our failed approach to marijuana,' while Vice President Harris emphasized the importance of this decision in reversing the harms caused by the criminalization of marijuana, particularly in communities of color. The proposal has triggered a 60-day public comment period before it can be finalized. Despite the progress, the Drug Enforcement Administration (DEA) has not yet made a final determination on the rescheduling. The reclassification does not legalize marijuana but aligns it with substances like ketamine and anabolic steroids. The announcement has led to a surge in cannabis stocks and has been praised by various lawmakers and advocates as a historic shift in U.S. drug policy.