04/30/2024

Biden Administration Takes Step to Make Marijuana Use a Less Serious Crime

The DOJ recommended cannabis be classified as a schedule three drug

On Tuesday, the U.S. Justice Department moved to make marijuana use a less serious federal crime, taking a step to reclassify the drug out of a category that includes heroin in a shift that, once completed, would shake up cannabis policy nationwide.

Shares of cannabis firms surged following the news. Stocks of pot companies such as Tilray, Trulieve Cannabis Corp and Green Thumb Industries were up more than 20 percent in late afternoon trading.

The Department of Justice, which oversees the Drug Enforcement Administration, recommended that cannabis be classified as a so-called schedule three drug, with a moderate to low potential for physical and psychological dependence, instead of schedule one, which is reserved for drugs with a high potential for abuse, two sources confirmed to Reuters.

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