April 30, 2024 – Since 1971, marijuana has been in the same category as heroin, methamphetamines and LSD. By rescheduling cannabis, the drug would now be studied and researched to identify concrete medical benefits, opening the door for Big Pharma to get involved with sales and distribution. For the $34 billion cannabis industry, the move would also eliminate significant tax burdens for businesses in states where the drug is legal.
The Department of Justice’s rescheduling decision could also help shrink the black market which has thrived despite legalization in states like New York and California and has undercut legal markets that are fiercely regulated and highly taxed.
President Joe Biden directed the Department of Health and Human Services in October of 2022 to review marijuana’s classification. Federal scientists concluded that there is credible evidence that cannabis provides medical benefits and that it poses lower health risks than other controlled substances.
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