The U.S. Department of Health and Human Services (HHS) has recently recommended easing restrictions on marijuana, marking a significant development in the ongoing debate over cannabis legalization. The recommendation comes as a response to a review request from the Biden Administration last year.
Currently, the use of marijuana is legal to some extent in nearly 40 U.S. states. However, it remains completely illegal in some states and at the federal level. The HHS’s suggestion to reclassify marijuana as less harmful than drugs like heroin could serve as a crucial first step toward wider legalization. Notably, this recommendation is supported by a majority of Americans.
The HHS’s scheduling recommendation for marijuana was submitted to the Drug Enforcement Agency (DEA) on Tuesday, in accordance with President Biden’s directive. The agency is being guided by evidence and is working in collaboration with the Department of Justice.
Under the HHS’s recommendation, marijuana would be reclassified to have a moderate to low potential for dependence and a lower abuse potential. This would align it with drugs like ketamine and testosterone. If this reclassification occurs at the federal level, it could have significant implications. Major stock exchanges might be able to list cannabis businesses, and foreign companies could start selling their products in the United States.
Canada, where cannabis is already legal, has become a hub for publicly traded cannabis growers and distributors. The potential federal legalization in the United States could lead to an expansion of Canadian cannabis businesses into the American market. Consequently, shares of various cannabis firms, such as Canopy Growth, Tilray Brands, and Cronos Group, experienced a notable increase following the HHS’s recommendation.
Several companies within the cannabis industry, including Verano Holdings and Sunburn Cannabis, have applauded the HHS’s move. They argue that marijuana prohibition has resulted in unnecessary harm and hindered the growth potential of the industry.
The process for the HHS’s recommendation is ongoing and continues to be led by the agency, in conjunction with the Department of Justice. As the conversation surrounding marijuana legalization gains momentum, the nation eagerly anticipates the potential outcomes of this development.
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