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President of the United States
Donald Trump
is considering an executive order to reclassify marijuana as a “less dangerous drug.”
If approved, this change would be one of the most significant federal marijuana policy changes in decades.
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The easing could also reduce oversight of marijuana to the level of regular prescription drugs, and open doors that have been closed to banks and investors.
“We are considering that very seriously,” Trump told reporters in the Oval Office, as reported by Reuters.
This statement follows reports that Trump is considering directing federal health and law enforcement agencies to treat marijuana as a Class III drug.
“A lot of people would like to see that (reclassification), because it leads to a huge amount of research that can’t be done unless you reclassify,” he said.
Under the US Illicit Substances Control Act, marijuana is currently listed as a class I substance along with heroin, ecstasy, peyote and others.
Initial reports about Trump considering loosening federal restrictions on psychoactive drugs have sent shares of marijuana-related companies soaring.
This shift has the potential to reshape the industry by lowering taxes and making it easier to obtain financing.Class III drugs include Tylenol mixed with codeine, ketamine, and testosterone.
A White House official said last week that “no final decision has been made regarding the rescheduling of marijuana.”
Last year, Joe Biden’s administration asked the Department of Health and Human Services to review the classification of marijuana, and the agency recommended moving it to a Schedule III classification.
The Drug Enforcement Agency (DEA) must review the recommendation and will decide on reclassification.
(dna)
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