U.S. Justice Department Eases Marijuana Restrictions, Paving Way for Industry Growth

In a significant shift to U.S. drug policy, the Department of Justice announced on Thursday that it would ease restrictions on certain marijuana products, classifying them as less dangerous. This move stops short of legalizing marijuana at the federal level but is expected to transform the $47 billion industry.

The reclassification plans to move marijuana from a category of drugs considered highly addictive, such as heroin, to a less restrictive classification similar to common painkillers. The change aligns with many states that have already legalized medical and recreational marijuana use, marking a crucial step in reshaping cannabis regulation.

The decision has sparked mixed reactions; while it is expected to boost research, lower tax burdens, and ease funding for companies like Canopy Growth, Tilray Brands, and Trulieve Cannabis, some political figures remain skeptical, arguing potential risks associated with increased drug potency and usage.

(With inputs from agencies.)