Although marijuana is now legal for recreational or medical use in 37 states, it is still a federal crime to grow, sell or possess marijuana.
With Congress unable to come to an agreement on marijuana’s legal status, the Biden administration has been considering other means at its disposal to change its legal status. Following the recommendation from the U.S. Food and Drug Administration last summer, the U.S. Drug Enforcement Administration is considering whether to reschedule marijuana.
Rescheduling would essentially make marijuana a highly controlled prescription drug, but calls from Congress have recently grown to deschedule marijuana, effectively ending the federal prohibition. The difference means everything for the U.S. marijuana industry, including the amount of capital drawn to it.
Continue reading: A New Push to Clear Up Marijuana’s Foggy Legal Status