Biden announces cannabis rescheduling proposal, downgrading criminal penalties for marijuana
SalonIn a historic announcement Thursday, President Joe Biden said that his administration would move to formally reschedule cannabis under federal law. The White House's move comes less than three weeks after the Justice Department confirmed that the Drug Enforcement Agency would also reclassify cannabis. In a briefing following Biden's announcement, White House Press Secretary Karine Jean-Pierre called the reclassification a "major step" that "will remove burdensome, long standing barriers to critical research" and aims to address racial injustices in cannabis-related persecutions. Already, the DEA has "signaled resistance," according to reporting by Marijuana Moment, highlighting sections of the proposed rule indicating the agency "believes 'additional information' could be collected via public comment or a possible administrative hearing could influence the final scheduling decision." Regardless, cannabis stocks surged on Thursday according to Barron's while Forbes reported numerous major marijuana corporations are already benefiting from the announcement.