US takes step to make marijuana use a less serious crime, in major shift
- The US Justice Department is proposing to reclassify the drug, a move that would shake up cannabis policy nationwide
- Marijuana is currently a schedule 1 drug, a category that includes heroin and LSD
The US Justice Department on Tuesday moved to make marijuana use a less serious federal crime, taking a step to reclassify the drug out of a category that includes heroin in a shift that, once completed, would shake up cannabis policy nationwide.
Shares of cannabis firms surged following the news. Stocks of pot companies such as Tilray, Trulieve Cannabis Corp and Green Thumb Industries were up over 20 per cent in late afternoon trading.
The US Department of Justice, which oversees the Drug Enforcement Administration, recommended that cannabis be classified as a so-called schedule 3 drug, with a moderate to low potential for physical and psychological dependence, instead of schedule 1, which is reserved for drugs with a high potential for abuse, two sources confirmed.
Penalties for use of schedule 3 drugs are less severe under federal law.
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The proposal is being sent to the White House Office of Management and Budget for review and finalisation, the sources said, while cautioning that there would still be a public comment period and a regulatory process to come.
