WASHINGTON–Although it is not the kind of broader change sought by many credit unions and CUSOs that serve the cannabis industry, the U.S. Drug Enforcement Administration said it is moving to reclassify marijuana as a less dangerous drug.
The DEA's proposal, which still must be reviewed by the White House Office of Management and Budget, would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than some of the nation's most dangerous drugs, according to numerous news outlets.
The new policy, however, would not legalize marijuana outright for recreational use, which is the key issue that has kept many credit unions from serving cannabis businesses.
Move From Schedule I to Schedule III
According to reports, once the OMB signs off, the DEA will take public comment on the plan to move marijuana from its current classification as a Schedule I drug, alongside heroin and LSD, and move it to Schedule III, alongside ketamine and some anabolic steroids.
After the public-comment period the agency would publish the final rule.
President Biden also called for a review of federal marijuana law in October 2022.
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