Shift in drug policy
US government apparently wants to reclassify marijuana
April 30, 2024, 11:58 p.m
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The use of cannabis is now more or less legal in most US states, but not at the federal level. Now the Biden government wants to change the current classification of the drug. This should suit consumers, but not just them.
According to insiders, the US government has taken steps to relax cannabis laws at the federal level. The Justice Department has recommended a change in classification that would make marijuana use a less serious crime, two people told Reuters. Instead of being listed in a group with heroin or LSD as a drug, cannabis should be classified like ketamine and testosterone as a substance with a moderate to low addiction potential. The US Drug Enforcement Agency (DEA) is subordinate to the Department of Justice. The AP news agency first reported on the recommendation.
If the change goes ahead, it would not mean legalization at the federal level. This would mean that the situation would remain where consumption is legal in one form or another in almost 40 of the 50 states, but not at the federal level. Nevertheless, the step would make research and medical applications easier.
Investments in the industry would also become easier. Many banks are currently denying services to cannabis companies citing federal law. Accordingly, the shares of cannabis companies rose significantly after the reports. The stocks from Tilray, Trulieve Cannabis and Green Thumb Industries rose by up to almost 40 percent until shortly before the stock market closed in the USA.
President Joe Biden initiated the review of cannabis classification in 2022. Ahead of the presidential and congressional elections in November, the step would have a political dimension: According to the Pew Research Center, black and white US citizens will consume cannabis to a comparable extent in 2022. However, African Americans made up 39 percent of all arrests for marijuana possession that year, even though they only made up 12 percent of the population. African Americans are considered an important voter group for Biden’s Democrats.