Biden considers rescheduling marijuana for 2024 election.
The Biden Administration’s Potential Marijuana Moves
The Biden administration is considering making significant changes to marijuana laws, and the timing of these moves could have a direct impact on the upcoming election. The Health and Human Services department, under President Biden’s leadership, has sent a letter to the Drug Enforcement Agency (DEA) requesting the reclassification of marijuana from a Schedule I to a Schedule III drug under federal law.
If this reclassification is approved, it would have far-reaching implications for the marijuana industry and potentially influence Biden’s chances of reelection. Last October, Biden announced a review of the drug’s scheduling alongside a series of marijuana-related pardons, strategically timed to coincide with the midterm elections. Advocates in the industry believe that the rescheduling process could be finalized within a year, aligning perfectly with the presidential contest.
“I think the administration wanted this to be done before the presidential election so they can see it through and it couldn’t be derailed by a new administration,” said Kris Krane, director of cannabis development for KCSA strategic communications. “And I think this will be quite a popular move.”
The fact that President Joe Biden is pushing for this change indicates that he believes it will be a popular decision among the public. It is worth noting that Biden has historically held an anti-marijuana stance, having played a role in passing the 1994 crime bill that imposed strict penalties for marijuana possession. However, with 23 states legalizing recreational marijuana and 38 allowing it for medical use, Biden’s position has evolved to align more closely with the modern Democratic Party.
The impact of this potential change on young voters was evident when Biden visited the University of Pennsylvania campus shortly after announcing the schedule review. As he walked through the campus, a crowd gathered, and two individuals repeatedly shouted, “Yo Joe! Legalize that weed!” This demonstrates the growing support for marijuana legalization among younger demographics.
It is important to note that moving marijuana to Schedule III would not legalize the drug at the federal level. However, it would make it easier for businesses to operate in the marijuana industry and conduct cannabis research. For example, businesses could deduct expenses on their taxes and have improved access to traditional banking and lending services. This change could also pave the way for future steps towards full descheduling.
“It’s absolutely better than Schedule I,” Krane explained. “The federal government is officially recognizing that cannabis has medicinal value and does not have a high potential for abuse.”
Following the news of these potential changes, cannabis company stocks experienced significant gains. However, the agencies involved have remained tight-lipped about their plans. When asked about the move, White House press secretary Karine Jean-Pierre referred back to the Health and Human Services (HHS) and the Department of Justice (DOJ), emphasizing that the administrative process is independent and evidence-based.
While the HHS did not respond to requests for comment, an unnamed DEA spokesperson confirmed receiving the letter from HHS and stated that the agency would initiate its review. These developments indicate that the process is underway, but details remain scarce.
A Pew Research poll conducted last year revealed that 88% of respondents support legalizing marijuana for medicinal use, with 59% supporting full legalization. Among Democrats, 73% support full legalization, compared to 45% of Republicans. However, some Republicans criticized last year’s moves, accusing them of being politically motivated attempts to secure votes.
“This move maybe makes sense in individual cases,” posted Ohio Attorney General Dave Yost on X, formerly Twitter. “But Biden’s blanket pardon 34 days before an election is the most political, cynical abuse of the pardon power in history.”
It is possible that similar complaints will arise this time around as well.
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