The Biden administration is finalizing a plan that would reclassify marijuana so it is no longer considered a Schedule I drug. Under current regulations, that means it has no currently accepted medical use and a high potential for abuse. Other Schedule I drugs include heroin, ecstasy, and LSD.
According to NBC News, the Drug Enforcement Administration plans to reclassify cannabis as a Schedule III drug, which is defined as "drugs with a moderate to low potential for physical and psychological dependence."
As a Schedule III drug, researchers would be allowed to study cannabis to uncover any potential medical benefits of the drug. It would also be a boon for the legal marijuana industry by allowing companies to deduct business expenses when filing their taxes.
The recreational use of marijuana is legal in 24 states and Washington, D.C. An additional 14 states have legalized marijuana for medical use only.
The DEA has not said when it plans to announce the rule change. When it does make the announcement, it will be followed by a public commenting period before the reclassification takes effect.
Congress is also working on several marijuana bills. Lawmakers hope to pass the SAFER Banking Act by the end of the year. The bill would allow legal marijuana businesses access to banking and financial services. Another bill, the HOPE Act, would provide resources to states and local governments to expunge criminal records for people convicted of non-violent cannabis offenses.
Several lawmakers want to go further and are working on legislation that would remove marijuana from the Controlled Substances Act.