It’s a shame that this news didn’t come out a few days earlier, on 4/20: The U.S. government just signed an order “reclassifying” marijuana as a less-dangerous drug. It’s a major policy shift, but it doesn’t mean weed will be legal everywhere, yet.
What This Means:
1. Marijuana will be regulated differently, shifting medical marijuana from Schedule 1, reserved for drugs without medical use and with high potential for abuse, to the less strictly regulated Schedule 3.
2. Medical research got much easier. Scientists face fewer barriers to study cannabis, so less red tape, and more supply access.
3. Cannabis businesses could receive major tax relief. These companies were previously blocked from normal business deductions, so now, there’s an easier path to profitability and investment.
4. Federal policies can be more aligned to state laws. Many states have legalized medical and recreational marijuana, but it was awkward because federal law would get in the way. Now, there should be fewer conflicts.
5. This is the big one: It clears one big hurdle to broader change. This could pave the way to nationwide reform and legalization.
What This Does NOT Mean:
1. Marijuana is still illegal under federal law, overall. Especially recreational marijuana. The shift mainly applies to medical and regulated products.
2. You still can’t freely transport weed across state lines. That’s one instance where there’s still discrepancies between state and federal laws.
3. It doesn’t erase past convictions. This is an area where some people are hoping for more reform, but we aren’t there yet.
4. It doesn’t suddenly make dispensaries federally legal businesses, so banking, federal licensing, and regulatory issues still exist.
