US government considers relaxing cannabis laws

US government considers relaxing cannabis laws

The US government has reportedly taken steps to relax cannabis laws at the federal level. The Ministry of Justice has launched a review and recommended that the classification of cannabis be changed to make the use of the substance a less serious crime. A possible reclassification would mean that cannabis would be considered similar to ketamine and testosterone, with a moderate to low potential for addiction. However, this would not mean legalization at the federal level, which would still result in varying laws at the state level.

Although a potential change in cannabis classification does not imply federal legalization, it would still have far-reaching effects. Relaxing the laws could facilitate research and medical use of cannabis and would also make investment in the industry easier. Currently, many banks are refusing to work with cannabis companies due to federal law, and shares of companies like Tilray, Trulieve Cannabis and Green Thumb Industries rose significantly following the reports.

President Joe Biden had already initiated the review of cannabis classification in 2022. This decision takes on a political dimension ahead of the upcoming presidential and congressional elections in November, as cannabis classification affects blacks and whites in the United States. African Americans were disproportionately affected by marijuana possession arrests in 2022 despite comparable marijuana use, highlighting the importance of the cannabis classification debate for different groups of voters.