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VisitStock market response to marijuana reclassification within one month
Stock prices of marijuana companies increase • 33%
Stock prices remain stable • 34%
Stock prices decrease • 33%
Stock market data and news reports
Biden Administration Proposes Reclassifying Marijuana as Schedule III Drug on Thursday
May 16, 2024, 06:41 PM
The U.S. Justice Department has formally proposed a rule on Thursday to reclassify marijuana from a Schedule I to a Schedule III drug, marking a historic shift in U.S. drug policy. This reclassification acknowledges the medical uses of cannabis and its lower potential for abuse compared to other Schedule I substances like heroin and LSD. The proposal, endorsed by President Biden, aims to ease federal restrictions on marijuana, enabling more research into its medicinal benefits. The rule is subject to a 60-day public comment period and requires final approval from the DEA. Attorney General Merrick Garland has initiated this process, and the Biden-Harris administration emphasizes its commitment to addressing past injustices related to marijuana policy.
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