The Department of Justice officially started the process rolling to reclassify marijuana from a serious Schedule 1 drug similar to cocaine and heroin, categorizing instead as a less-regulated Schedule III substance like ketamine or Tylenol with codeine, CNN reports. Once the rule is printed in the Federal Register, a review within the formal rulemaking process outlined in the Controlled Substance Act begins that could lead to final reclassification.
Reclassification would have ripples up and down cannabis-related activities from medical research to recreational sales. Schedule III drugs are regulated as controlled substances that have medical benefits when used within guidelines, whereas Schedule 1 drugs are just scourges to society (allegedly). The change would also allow cannabis-related businesses to use commercial banking systems with federal approval. It also provides easier access to marijuana and THC for medical researchers.
UPDATE 9:12 p.m. ET: Senate Majority Leader Chuck Schumer and Democratic Senator Ron Wyden (WI) and Cory Booker (NJ) will formally announce Wednesday that they are reintroducing their legislation to decriminalize cannabis, the Cannabis Administration and Opportunity Act.