Biden Administration Moves to Reclassify Marijuana in Major Drug Policy Shift

Reclassification from Schedule I to Schedule III could alter tax, banking, and research landscapes while facing scrutiny over criminal justice impact.

• The DOJ has initiated a 60-day comment period for the proposed reclassification.
• Reclassification could reduce taxes for the cannabis industry, potentially aiding its expansion.
• Banks' responses to the change remain uncertain, affecting industry operations.
• Critics argue the move may not significantly address racial disparities in cannabis enforcement.
• Researchers anticipate fewer barriers but stress the need for more funding and support.

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