Miami, FL – September 10, 2023 – The U.S. Department of Health and Human Services (HHS) has made a groundbreaking move towards marijuana reform by recommending the reclassification of cannabis as a lower-risk drug. Currently listed as a Schedule I substance alongside drugs like LSD and heroin, the proposed shift would place it in the less restrictive Schedule III category, akin to steroids or codeine. This significant development, made in response to a directive from President Biden, has triggered a positive response in the cannabis industry, with stocks surging and industry leaders commending the decision. Since the enactment of marijuana prohibition in 1937, the federal government has maintained a strict stance against cannabis. Even as more than 20 states legalized recreational use, federal reforms have lagged behind. With over 55 million American adults currently using marijuana and more than 841,000 medical marijuana cardholders in Florida alone, the potential benefits of rescheduling are evident. This change could pave the way for increased medical research, broader legalization, reduced tax burdens, and access to banking services for cannabis businesses. However, obstacles remain, as the Drug Enforcement Administration (DEA) must consider international treaty obligations and other factors before making a final decision on rescheduling.
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