Overview
- The decree directs the Justice Department to pursue moving cannabis and CBD from Schedule I to Schedule III, citing medical need and research access.
- The action does not decriminalize marijuana at the federal level, and possession can still be prosecuted with repeat offenses carrying potential prison terms and fines.
- Any rescheduling requires DEA approval through the administrative process before it becomes law.
- The move continues a Biden-era review of federal cannabis policy and drew opposition from more than 20 Republican senators earlier this year.
- Shares of cannabis companies rose after the announcement as investors anticipated easier research and financing.