The president of the United States, Joe Biden, announced a series of steps towards easing the way the country enforces its marijuana laws. His administration will consider reclassifying marijuana as a less serious drug in order to pardon people convicted of federal marijuana charges.
Marijuana is the same level of drug as heroin and Fentanyl. It doesn't make sense. The process of reviewing how marijuana is scheduled under federal law is being requested by me.
Under current constraints, the US cannabis industry is valued at $33 billion.
Marijuana stocks shot up after Biden made a statement that could be seen as the first step in bringing the sector out of the shadows and making it a more mainstream and taxed part of the US economy.
Marijuana is classified as a Schedule I drug by the government. Drugs under this classification are not used for medical purposes. Cocaine and Fentanyl are both Schedule II drugs.
Marijuana can be changed by the Biden administration and Congress. A full review from the Justice Department and the Department of Health and Human Services is required for the executive branch to move forward.
If the president wanted to decriminalize marijuana, the executive branch would stop prosecuting it under federal law, but Congress would still be in charge.
Nineteen states and the District of Columbia have legalized weed, while 38 have approved its use for medical purposes. The drug has been decriminalized in a number of states.
Cash businesses such as cannabis businesses. Many financial institutions remain reluctant to enter into relationships with state-authorized marijuana businesses due to the Schedule I status of marijuana according to a recent Congressional Research Service.
It is not clear if reclassifying or declassifying marijuana would allow consumers to pay with credit cards at these businesses.
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