Biden administration just took huge step to reclassify weed. Here’s what it means for N.J
In a major move, President Joe Biden’s administration plans to reclassify weed as a less harmful substance, which could lay the groundwork for more medical research and help cannabis businesses in New Jersey and beyond.
Citing sources, the Associated Press reported that the U.S. Drug Enforcement Administration’s plan would recognize the medical use of cannabis and say it’s less likely to be abused than more dangerous drugs.
But while recreational weed is legal in New Jersey and nearly two dozen other states, the plan would not legalize it across the nation. And it will still require further review before it can be enacted.
“These changes could usher in a new era of acceptance and growth for cannabis businesses, fostering innovation and expanding its role in the economy,” said cannabis store owner Alyza Brevard Rodriguez, who operates The Other Side dispensary in Jersey City.
One of the potential upsides could be the impact on weed businesses, which cannot deduct expenses on federal tax returns and have trouble getting loans from banks.
“The rescheduling potentially changes the game,” said Sarah Trent, who operates a cannabis dispensary in Raritan. “Maybe if it’s rescheduled that means the bank is going to give me a loan or line of credit.”
The process involved the Drug Enforcement Administration, headed by former New Jersey Attorney General Anne Milgram, which agreed with federal health officials to move weed from what’s known as Schedule I to Schedule III.
However, some New Jersey cannabis leaders said the plan does not go far enough.
They pointed out that the policy would continue criminalization of cannabis by falling short of full descheduling, which would end most criminal penalties for the drug nationally.
“Rescheduling does not end the Drug War,” said cannabis lawyer Mollie Hartman Lustig, who works at McLaughlin and Stern and serves on the state Bar Association’s Cannabis Law Committee.
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