Benzinga - by Maureen Meehan, Benzinga Editor.
The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, the Associated Press reported on Tuesday early afternoon, calling it a "historic shift to generations of American drug policy that could have wide ripple-effects across the country."
The DEA's proposal, which still must be reviewed by the White House Office of Management and Budget, says the outlet, would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than some of the nation's most dangerous drugs. However, it would not legalize marijuana outright for recreational use.
The agency's move, confirmed to the AP on Tuesday by five people familiar with the matter who spoke on the condition of anonymity to discuss the sensitive regulatory review, clears the last significant regulatory hurdle before the agency's biggest policy change in over 50 years can take effect.
Once OMB signs off, the DEA is expected to take public comment on the plan to move marijuana from its current classification as a Schedule I drug, which it occupies along such dangerous drugs as heroin and LSD.
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Reclassification would move cannabis to Schedule III, following a recommendation from the Deptment of Health and Human Services to do this very thing. After the public-comment period, the agency would publish the final rule.
Cannabis stocks are up sharply with the news. The AdviserShares Pure U.S Cannabis ETF (NYSE:MSOS) was up by 22.8%.
More to come, so stay tuned.
This is a monumental moment and #Curaleaf is ready to shape the future of the legal #cannabis industry. Details: https://t.co/dnoGc3ol7T #FederalReform @darin_matt $CURA $CURLF pic.twitter.com/JG5CbPzHG2— Curaleaf (@Curaleaf_Inc) April 30, 2024
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