In a face-to-camera announcement, Joe Biden deliberated on reclassifying cannabis (marijuana), one of the most widely used drugs in the United States, as a Schedule III substance, hoping to pave the path for more informed marijuana use.
In a 45-second video, President Joe Biden boasted about a “monumental” moment when his administration finalized their long-standing goal of reclassifying marijuana from a Schedule I to Schedule III substance. It was history in the making; for over half a century, marijuana under Controlled Substance Act in the United States has been classified as a Schedule I drug. This particular designation places it in the most strictly regulated category of drugs under Federal rules, which means that the drug is considered to have a high potential for addiction, lacks accepted safety for use under medical supervision, and therefore cannot be used for medical research.
Joe Biden’s first dramatic move on making marijuana policy legitimate came in 2022, when the Democrat announced one of the most visceral mercy for convicted felons in modern American history : The incumbent president took executive action to pardon thousands of people convicted of marijuana possession under Federal law. Although consuming marijuana for recreational purposes is still not legalized under federal law, individual U.S. states have enacted legislation permitting exception for various uses, mainly for medical purposes but often also for recreational use.
Reclassifying marijuana from a Schedule I classification to Schedule III classification would imply that the drug is no longer as severely damaging, poses a lower-risk, and will not be considered more dangerous than other Schedule I drugs such as heroin, fentanyl, and meth. The Biden administration will finally be putting an end to this ludicrous designation and making the way for the drug’s potential medical utility at the federal level.
“This is monumental.” Biden said in the message. “It’s an important move towards reversing long-stand inequities… For too many lives have been upended because of a failed approach to marijuana, and I’m committed to righting those wrongs. You have my word on it.”
Too many lives have been upended because of our failed approach to marijuana.
So today, the @TheJusticeDept is taking the next step to reclassify marijuana from a Schedule I to a Schedule III drug under federal law.
Here’s what that means: pic.twitter.com/TMztSyyFYm
— President Biden (@POTUS) May 16, 2024
Unlocking the economic potential : How Reclassifying Marijuana could benefit the American Economy
Ascertain Federal Regulation
Destigmatizing marijuana usage would be a welcome step. It signifies a gradual recognition that marijuana is not as it is often perceived; a hard-core drug as devastating as meth or heroin, nor does it imply that it is all in the well-being of its consumers. It is a rare moment of rational drug policy at the federal level, and it should help pave the way for safer, more informed marijuana use. Given that marijuana has already been legalized or made available for medical purposes in many states, it would be far more significant to have federal officials backing for its mindful consumption.
The Biden administration’s expected reclassification of marijuana will have a major impact on the status of the drug in the United States. Making young Americans cognizant of the numerous benefits the drug can yield if consumed discreetly would dilute its unsupervised utilization. Marijuana is scientifically proven to be far safer than commonly depicted in the reactionary war on drugs hysteria – no adult has ever overdosed on the drug, but that does not mean its effects on cognition, motor skills, lung health, and mental health should not be studied extensively.
And now that the Drug Enforcement Administration has submitted a notice of proposed rulemaking, i.e. reclassifying Marijuana to Schedule III under the Controlled Substances Act in the Federal Register on Thursday afternoon, it would encourage medical researchers to conduct in-depth studies on the numerous health benefits as well as the harmful affects marijuana has on human body.
Ascertain Scientific Regulation
Due to its Schedule I classification, marijuana has been extremely difficult to study. The restrictions were justified in part by the absurd reasoning of Schedule I classification that misguided authorities of its underlying potential. Subsequent to these restrictions, the high regulatory bar for research has blocked the capacity of scientists to ascertain many of its medical benefits. Now that the reclassifying of marijuana is in place, scientists would be able to conduct researches, study extensively of its varying benefits, and foster a much more supervised infrastructure around its economic utility.
An official news report from NBC maintains that the reclassifying of marijuana to Schedule III also means “opening the door for pharmaceutical companies to get involved with the sale and distribution of medical marijuana in states where it is legal. That could mean far more sophisticated medical marijuana products will emerge in the future.” Today this reclassifying maneuver seems reasonable – and likely an extension to Biden’s election policies. Polling suggests an overwhelming majority of Americans favor legalization of marijuana for recreational or medical use, and this step is more modest than federal legalization.
Marijuana is not the top-tier issue for the public, but Biden’s move is still likely to register with sensible community of voters, who would see his reclassifying step a drop in a bucket overburdened by years of mismanagement of drug policy in the country, it would be a reminder of how drug policy is growing more serious in United States.
Ascertain Economic Regulation
Biden’s reclassifying methodology will also help shape the legal market for marijuana. Under Schedule I classification, marijuana businesses are limited to their ability to make ordinary tax deductions. For the $37 billion cannabis industry, the reclassifying move would eliminate significant tax burdens for businesses in state where marijuana is legal, notably removing it from the IRS code’s Section 280E, which prohibits legal cannabis companies from deducting that would otherwise be ordinary business expense.
The Justice Department’s rescheduling decision could also help shrink the black market, which has thrived despite legalization in states like New York, and has undercut legal markets, which are fiercely regulated and highly taxed. The overall richness of this industry would come out in full display as the businesses would be able to reduce their tax burden and operate more nimbly.
If the reclassification decision was enforced some 20 years ago, it would have been received as a radical policy decision. Both Democrats and Republicans would have hammered the president for being soft in the war on drugs and poisoning America’s youth. But 20 years down the line, the radicality of the issue has eroded and was is left as a remnant is to produce science-back data to masterfully resolve contentions and educate the youth.
