Report: Biden administration recommends classifying marijuana as Schedule III drug
The U.S. Department of Health and Human Services is recommending the Drug Enforcement Administration reschedule cannabis — previously listed as a dangerous drug posing the same risks as LSD, peyote and heroin — to a much lower classification, according to news reports on Tuesday.
The change could mean major financial benefits to the industry.
Industry leaders, however, still believe that declassifying cannabis altogether, as opposed to reclassifying it, is the better option.
The news sent stocks soaring for cannabis companies, such as Canopy Growth, Cronos Groups and Tilray Brands, the world's largest cannabis company, which also owns Breckenridge Brewery.