Biden administration proposes nationwide reclassification of marijuana, aiming to relax restrictions

The Biden administration is set to announce a historic move to reclassify cannabis, shifting it from Schedule I to Schedule III, recognizing its potential medical benefits and reducing restrictions. This shift would open the door for further research on medical marijuana and the involvement of pharmaceutical companies in its distribution. The decision could also benefit the cannabis industry financially by eliminating tax burdens, reducing the black market, and expanding access to banking and financial services. Despite concerns about high-potency marijuana and cannabis-induced psychiatric disorders, there is bipartisan support for marijuana reform in Congress, with bills under consideration to ease restrictions and promote restorative justice for those affected by the War on Drugs.

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