STORY: The Biden administration on Tuesday moved to make the use of marijuana a less serious federal crime, in what would be a major shift that could shake up cannabis policy nationwide.
Two sources confirmed to Reuters that the Justice Department, which oversees the Drug Enforcement Administration, recommended that cannabis be classified as a so-called schedule three drug, with a moderate to low potential for physical and psychological dependence.
Currently, marijuana is classified as a schedule one, which is reserved for drugs with a high potential for abuse, such as heroin and LSD.
Penalties for use of schedule three drugs are less severe under federal law. That class of drug includes ketamine and Tylenol with codeine.
Reclassifying marijuana represents a first step toward narrowing the wide gap between state and federal cannabis laws, as the drug is legal in some form in nearly 40 states.
According to the sources, the proposal is being sent to the White House Office of Management and Budget for review and finalization, but they cautioned that there would still be a public comment period and a regulatory process to come.
President Joe Biden, a Democrat who is running for re-election in November, initiated a review of the drug's classification in 2022, fulfilling a campaign promise that was important to left-leaning members of his political base.
Shares of cannabis firms surged following Tuesday's news.
