MARIJUANA WILL BE RECLASSIFIED AS A LESS DANGEROUS DRUG BY US IN A HISTORIC SHIFT

Wed 01 May 2024:

Cannabis companies saw a sharp increase in stock value as a result of the United States’ historic decision to reclassify marijuana as a less harmful drug.

Shares of Canada’s Canopy Growth Corporation and Cronos Group surged 80.02 percent and 15.71 percent, respectively, while US-based Cronos Group jumped nearly 40 percent.

Although the US Justice Department’s recommendation on Tuesday to classify cannabis as a schedule three drug—alongside ketamine and Tylenol with codeine—does not explicitly legalize recreational use, it does pave the way for less severe penalties, increased private investment, and tax advantages for the sector.

The cannabis industry is estimated to be worth tens of billions of dollars in the US, the drug is considered a controlled substance under federal law,

Colorado and Washington were the first states to legalize cannabis for recreational use in 2012.

In October 2022, Biden launched a review of federal marijuana laws and announced pardons for thousands of Americans who had been convicted of possession.

“Too many lives have been upended because of our failed approach to marijuana. It’s time that we right these wrongs,” Biden stated in December.

The proposed change, which follows a review initiated by US President Joe Biden, will be subject to approval by the White House Office of Management and Budget, a period of public comment, and review by an administrative judge before taking effect.

The drug’s prohibition, which was first implemented at the national level in 1937, has also been accused for creating racial disparities in the criminal justice system.

According to the American Civil Liberties Union, black people are 3.6 times more likely to be arrested for marijuana possession than white persons, despite taking the substance at similar rates.

According to a Pew Research Center survey conducted last month, 88 percent of Americans believe marijuana should be legal for medical or recreational use.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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