Historic Marijuana Reform: Legal Landscape Undergoing Major Shift

In a major shift in U.S. drug policy, the Department of Justice announced its intention to reclassify marijuana, moving it from a Schedule I to Schedule III drug. This change would align it with substances like ketamine and testosterone and is expected to ease restrictions on the cannabis industry.

Acting Attorney General Todd Blanche confirmed that the reclassification process is being expedited, facilitated by a directive from President Trump back in December. The rescheduling aims to provide better research opportunities into marijuana's health benefits, reduce taxes, and enhance funding access for cannabis firms.

This policy shift was welcomed by industry leaders and is likely to significantly influence the legal cannabis market, which could see sales topping $47 billion by 2026. The rescheduling hearing is set to begin on June 29, marking a pivotal moment for marijuana advocacy in the United States.

(With inputs from agencies.)