The potential rescheduling of the classification of cannabis under Federal law has been a political issue for decades. It remains illegal at the federal level, carrying the most severe classification as a Schedule I drug under federal laws. However, most U.S. states allow the purchase and use of doctor-prescribed medical marijuana, with almost half also permitting recreational use as well. Others allow products with low amounts of THC/CBD for certain medical uses.
Under former President Joe Biden, then-Attorney General Merrick Garland signed a proposed rule through the Drug Enforcement Administration (DEA) in 2024 to reschedule cannabis as a Schedule III drug. The HHS evaluation determined that marijuana has legitimate medical value and thus should not be a Schedule I drug. The 60-day public comment period ended with almost 70% of respondents calling for cannabis de-scheduling, decriminalization, or legalization at the federal level. Unfortunately, the previous administration failed to secure a final decision before losing the 2024 election.
The reclassifying of marijuana from Schedule I to Schedule III will likely mean much more to cannabis companies than to individual users. It would likely still be subject to strict regulation and require a prescription for legal use at the federal level. However, removing it from the strictest rating under federal law would mean businesses in the marijuana industry would have their federal tax burden lessened and would also be able to access deductions for expenses that were previously unavailable. Reclassification could also permit working with banks and other financial institutions, which have shown extreme reluctance to be involved with the cannabis industry due to its federal classification.
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