The U.S. shares a proposal to lessen restrictions on marijuana

According to the reports, the Justice Department of the U.S. recently declared a groundbreaking proposal to ease restrictions on marijuana. The limits are eased to encourage more research on its medicinal benefits. 

This proposal, first shared in April, reclassifies cannabis from a so-called schedule one drug to a schedule three. The class of Schedule I drugs are highly addictive with no medical benefits, such as heroin and LSD. Whereas the drugs categorised under Schedule Three drugs are considered to have a moderate to low potential for physical and psychological dependence, such as Ketamine and Tylenol with codeine. 

As reported by Reuters, The U.S. Food and Drug Administration said it found "some credible scientific support for the use of marijuana in the treatment of chronic pain, anorexia related to a medical condition, and nausea and vomiting."

According to the proposal, "Additionally, no safety concerns were identified in the FDA’s review that would indicate that medical use of marijuana poses unacceptably high safety risks."

President Joe Biden, a Democrat seeking reelection in November, launched a review of the drug's classification in 2022, honouring a campaign promise that holds considerable importance for progressive members of his political base.

Considering that marijuana's classification is eased at the federal level, cannabis companies can reap substantial benefits, including the eligibility for listing on major stock exchanges and more favourable tax deductions.

Besides this, the companies will face fewer restrictions from banks. As marijuana is currently illegal at the federal level, most U.S. banks do not lend to or serve cannabis companies, resulting in dependency on cash transactions. 

The public will get two months to submit comments on the Justice Department's proposal. Moreover, a public hearing on the proposal can also be requested.