Rep Blumenauer On Marijuana Reclassification: 'Legalization Is Inevitable, Biden-Harris Admin Is Listening' To The People

Loading...
Loading...

In a landmark decision that could reshape the landscape of American drug policy, the U.S. Drug Enforcement Administration (DEA) will reportedly move forward with a proposal to reclassify marijuana as a Schedule III drug, reducing its classification from the highly restrictive Schedule I category, which it shares with substances like heroin and ecstasy. This reclassification recognizes the medical benefits of cannabis and acknowledges its lower potential for abuse compared to other drugs like heroin and LSD that remain in Schedule I.

The proposed shift, which is said to be currently under review by the White House Office of Management and Budget (OMB), marks a significant pivot in drug regulation and could ease research restrictions and change enforcement practices across the nation. Following the review, the DEA plans to invite public comment, an essential step before finalizing the reclassification.

  • Pro tip: Learn all about the future of the cannabis industry at the Benzinga Cannabis Capital Conference this October in Chicago. Hear directly from key industry players and policymakers. Get your tickets now by following this link, and access a 20% discount using the code JAVI20.

Cannabis stocks responded positively to the news, with the AdvisorShares Pure U.S Cannabis ETF MSOS surging by almost 22%, signaling investor confidence in the future of the cannabis industry.

Congressman Earl Blumenauer, a Democrat from Oregon and co-chair of the Congressional Cannabis Caucus, has long advocated for reforming cannabis laws. Reacting to the DEA's announcement, Blumenauer expressed optimism about the direction of U.S. drug policy. "If today’s reporting proves true, we will be one step closer to ending the failed war on drugs," he stated. Blumenauer highlighted the historical context of marijuana's classification, noting, "Marijuana was scheduled more than 50 years ago based on stigma, not science."

He further emphasized the national sentiment toward cannabis legalization, arguing that, "The American people have made clear in state after state that cannabis legalization is inevitable [and] The Biden-Harris Administration is listening."

The proposed reclassification by the DEA, following a recommendation from the Department of Health and Human Services, represents a critical step towards acknowledging the therapeutic potential of cannabis. It also signals a shift in the federal government's approach to drug policy, aligning more closely with contemporary scientific understanding and public opinion.

While the move does not legalize recreational marijuana use, it sets the stage for more nuanced regulations and fosters a legal environment that could vastly improve research capabilities and access to medical cannabis across the United States.

This policy change comes after years of advocacy and scientific research suggesting that cannabis does not belong in the same category as some of the most dangerous narcotics. The DEA's acknowledgment of this fact could herald a new era in drug policy, paving the way for more states to consider adjusting their own marijuana laws.

As the process unfolds, stakeholders from all sides of the issue will be watching closely, eager to see how this historic change will affect the legal, social and economic landscapes of drug policy in America.

Photo: Photo via Wikimedia Commons and Unsplash. Edited by Benzinga.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Loading...
Loading...
Market News and Data brought to you by Benzinga APIs
Posted In: CannabisNewsPoliticsMarketsMoversTrading IdeasGeneralcannabis reschedulingCCCDEAEarl Blumenauer
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...