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.

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.