The political landscape surrounding cannabis legalisation in the United States is rapidly shifting, driven by proposals from the Biden administration and recent comments from Donald Trump.
Under President Joe Biden’s direction, the Department of Health and Human Services (HHS) has formally requested that the Drug Enforcement Administration (DEA) reclassify cannabis from a Schedule I substance to a less-restricted Schedule III.
Cannabis is currently classified under Schedule I of the Controlled Substances Act, a category reserved for substances with no accepted medical use and a high risk for abuse.
Rescheduling would be a monumental shift, acknowledging a medical use and paving the way for better investment in research and broadened access for medical patients.
This proposed move has already caused industry stocks to rally, with Tilray leading a surge on Monday.
The Trump administration, previously silent on decriminalisation, broke its silence in August when Donald Trump confirmed his administration is also ‘looking at reclassification’ and will ‘make a determination over the next few weeks.’ Trump noted he has ‘heard great things have to do with medical’ benefits, while also acknowledging 'bad things' have been claimed about ‘just about everything else,’ calling it a ‘very complicated subject.’ Currently, 40 states permit the use of medical cannabis products, and 24 states allow non-medical use.
Advocates are keenly awaiting the DEA’s final decision, which could fundamentally change the legal standing of cannabis at the federal level, despite it remaining a Schedule I drug today.
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