Cannabis debt restructuring requires next steps

The Biden administration's rescheduling of marijuana is the next step

The Justice Department is moving to the next step in marijuana re-planning. The government has proposed moving the drug from Schedule I, a strict classification that includes drugs like heroin, to Schedule III, which is more on the same level as Tylenol. It's also a sign that the federal government recognizes the plant's medicinal benefits. The industry will watch the process progress over the next few months.

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President Joe Biden announced the move on his official account on approaching marijuana, and I am committed to righting this wrong.”

Vice President Kamala Harris also released a video on Thursday welcoming the progress. It appears that she has progressed in her position over the past five years.

Official White House Photo by Andrea Hanks

A key part of the next step is a 60-day comment period. This allows all parties to express information, opinions, support or random thoughts. A group of Republican senators already want to either slow or stop the process. Senator Mitt Romney (R-UT) has begun pushing to thwart the plan, if not stop it altogether. They go against general public opinion, as over 85% believe it should be legal in some form.

The Drug Enforcement Agency is not 100% in agreement and there are still hurdles in rescheduling. According to the commenter, there may be a review by an administrative law judge, which can be a lengthy process. The entire process could take between three months and a year, although it is unlikely that the issue will not be resolved before the election.

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Given the stance of the federal government, Senator Mitch McConnell and some other opponents, the road will still be a bit bumpy. The industry, which is in a difficult growth mood, needs the government not to hinder it. But only time will tell.