headline news online news
By Josh Wingrove and Tiffany Kary
Bloomberg News
(Bloomberg News) — The U.S. Drug Enforcement Administration is recommending cannabis be reclassified as less risky, people familiar with the matter said — a move that could help the legal marijuana industry benefit from tax breaks. online news
Several steps remain in the process of rescheduling marijuana to Schedule III from Schedule I, said the people, who asked not to be named because the information hasn’t yet been made public.
A majority of Americans believe marijuana should be decriminalized for recreational or medical use, a policy that Joe Biden said he would pursue while in office, but still lacks widespread support in Congress. Biden’s favorability has waned among key voting blocs that favor legalization that he needs to win reelection, including young voters and Black Americans.
(Please click onto the image of the cat to hear Classical Music)
The move, if ultimately enacted, would represent a boon to the legal cannabis industry that is estimated to have generated around $35 billion in sales last year, according to New Frontier Data, a market research firm. It responds to growing cries to reclassify the drug in order to make medical use easier, and bring in more tax dollars through regulated sales. The decision would push back against concerns that reclassifying the drug could make it harder to prosecute drug cartels, and that new high-potency forms of cannabis are addictive.
If marijuana is reclassified as Schedule III it will be treated like substances such as ketamine and anabolic steroids, which require prescriptions but aren’t federally prohibited. Marijuana is currently classified as Schedule I, which means it’s seen as equally risky to drugs such as heroin.
A spokeswoman for the DEA declined to comment, and referred calls to the DOJ.
(With assistance from Akayla Gardner.)
©2024 Bloomberg L.P. Visit bloomberg.com. Distributed by Tribune Content Agency, LLC.
headline news online news