What happened
The Justice Department on Thursday reclassified marijuana as a less-dangerous Schedule III drug for medicinal and research uses, effective immediately. The order aligns federal policy more closely with the 48 states that allow some form of medical marijuana use.
Who said what
The reclassification “will make it easier to study medicinal applications of marijuana and could shore up support from influencers who support the research,” Axios said. President Donald Trump signed an executive order to reclassify cannabis in December and appeared impatient last weekend when signing a separate order to loosen restrictions on psychedelics. “Joe, they’re slow-walking me on rescheduling,” he told podcaster Joe Rogan.
This is “one of the biggest changes to U.S. drug policy in decades,” Reuters said. But after “shares of cannabis companies jumped between 6% and 13% following the decision,” they “reversed their gains” as investors in the $47 billion industry digested the “limited scope of the federal government’s immediate moves.”
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What next?
Marijuana for recreational use, as allowed in 24 states and Washington, D.C., remains an illegal Schedule I controlled substance, alongside heroin and LSD. But the Justice Department said it scheduled a June 29 hearing to consider a broader Schedule III reclassification for all cannabis.
