Currently, marijuana is listed in the U.S. under Schedule 1 of the Controlled Substances Act, the classification meant for the most dangerous substances.

Is the Biden administration close to a decision on whether to change federal laws around marijuana, with potential major ramifications for the drug’s use and the cannabis industry’s ability to access, among other things, financing?

Some believe that decision, which could, at a minimum, involve putting cannabis in the same category as prescription drugs, could take place as soon as the end of this year or sometime early in 2024.

In October 2022, President Joe Biden issued a statement on marijuana enforcement, pardoned individuals convicted at the federal level of simple possession and asked governors to do the same for state offenses. 

Third on Biden’s list was a request to the U.S. Attorney General and the U.S. Secretary of Health and Human Services to review how marijuana is scheduled under federal law.

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