Poli Alert Political & Civics
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Jimmy Williams
The Biden administration is poised to make a groundbreaking move toward relaxing federal restrictions on cannabis, marking the first time in over 50 years since the enactment of the Controlled Substances Act.
Sources reveal that an interim rule is on the horizon, with the Drug Enforcement Administration (DEA) expected to endorse an opinion by the Department of Health and Human Services (HHS), proposing the reclassification of marijuana from Schedule I to Schedule III. This reclassification would recognize its potential medical benefits and pave the way for extensive research.
Attorney General Merrick Garland is set to present the rescheduling proposal to the White House Office of Management and Budget shortly. This anticipated change could have far-reaching implications, as marijuana has been categorized alongside drugs like heroin under Schedule I since 1971. Rescheduling would facilitate thorough medical investigations and potentially encourage pharmaceutical involvement in states where medical marijuana is legal.
Moreover, this shift could alleviate tax burdens for the cannabis industry, especially by eliminating the IRS code Section 280E, which presently hinders legal cannabis companies from deducting ordinary business expenses. Additionally, it may aid in curbing the black market, which continues to thrive despite legalization in certain states.
President Biden’s directive to review marijuana’s classification in 2022 was a pivotal moment, underscoring a departure from previous administrations’ stances. With growing bipartisan support for cannabis reforms and public opinion increasingly favoring legalization, the administration’s move aligns with shifting attitudes across the nation.
While the DEA’s announcement may bring immediate benefits to the cannabis industry, it may also face challenges during the public review period. However, with Democrats holding a majority in Congress, any potential opposition is less likely to derail the rescheduling effort.
In tandem with the federal actions, Congress is contemplating legislative measures to support legal marijuana businesses and address the injustices stemming from the War on Drugs. Bills such as the SAFER Banking Act and the HOPE Act aim to provide financial services to cannabis businesses and expunge criminal records for cannabis-related offenses.
Senate Majority Leader Chuck Schumer praised the administration’s initiative but emphasized the need for broader legislative action to end federal prohibition entirely. However, lawmakers remain cautious, mindful of unintended consequences witnessed with previous cannabis-related legislation.
