President Joe Biden at a time historically made a grand announcement; it’s a paradigm change in federal marijuana policy. The facts are confirmed. The Department of Justice has officially initiated the processes to do a status reclassification of marijuana from its now Schedule I status to Schedule III. Such will acknowledge medical benefits and relatively low abuse potential.  

The US President, Biden, called the step “monumental” and a progress to the resolution of the inequities for long, during a speech where he stated that “Too many lives have been changed for the worse due to our unsatisfactory approach. “”With this new displacement, federal scientists could do research on the potential medical benefits of cannabis plants which could not be done since 1971 when the Controlled Substances Act became law.  

The rulemaking process consists of a 60-day public comment measurement, a hearing called the administrative session with the aftermath being a final proposition considered by the Drug Enforcement Administration. When the new laws are in the books, the pharmaceutical corporations can then utilize the legalization and effect a market share in the marijuana sector that is already women-approved.  

This, for example, should be of particular benefit for a $34 billion sector like the cannabis industry where businesses in the states where marijuana is legal will witness a significant lessening of corporate tax burden. Along with that, this could be among the tools to remove the shadow economy and put legal markets out of business. Last summer, Joe Biden issued pardons for federal marijuana offenses like possession or use whereupon he appealed to the governors to do the same across their states.  

The Democrats in the Congress are looking into the initiatives that will help to declassify the marijuana from being a controlled substance so that individual states can legalize their own marijuana laws. Although other experts disagree with the rescheduling step and think that those proposed changes are not enough, the Biden administration’s proposal for cannabis rescheduling is a noteworthy and meaningful step towards making marijuana use medical more permissive. 

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