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Biden's Marijuana Rescheduling Faces Scrutiny Over Limited Practical Impact

The move to reclassify cannabis to Schedule III promises regulatory shifts but falls short of broader legalization goals.

Marijuana plants for the adult recreational market are seen inside a greenhouse at Hepworth Farms in Milton, New York, U.S., July 15, 2022.
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President Joe Biden delivers remarks while meeting with the Joint Chiefs and Combatant Commanders in the Cabinet Room of the White House May 15, 2024 in Washington, DC. Biden will host a dinner later this evening for the same group.
Donald Rainwater, middle, addresses the audience during the National Federation of Independent Businesses gubernatorial candidate forum and luncheon on Tuesday, March 19, 2024, at the Wellington Fishers Banquet & Conference Center in Fishers, Indiana.

Overview

  • Rescheduling marijuana to Schedule III reduces regulatory barriers for medical research and tax deductions for businesses.
  • The change does not decriminalize marijuana use or legalize state-licensed cannabis businesses under federal law.
  • Critics argue the rescheduling fails to address the injustices of the War on Drugs or harmonize federal and state cannabis policies.
  • New federal regulations will dictate how cannabis can be prescribed and dispensed, requiring FDA approval for medical use.
  • Financial institutions remain hesitant to serve cannabis businesses due to persistent legal risks under federal law.