US set to move to reclassify marijuana as early as Wednesday, Axios reports - Reuters

The US is reportedly set to reclassify marijuana as early as Wednesday, according to an Axios report cited by Reuters. This action would move marijuana from a Schedule I controlled substance to a Schedule III drug under federal law. The reclassification signifies a major shift in federal drug policy, acknowledging marijuana's accepted medical uses and lower potential for abuse compared to its current classification alongside drugs like heroin. This change could significantly impact the legal cannabis industry, potentially easing research restrictions and opening avenues for banking and tax relief. While not fully legalizing marijuana federally, the move would align federal policy more closely with the growing number of states that have legalized medical or recreational cannabis.