Reschedule marijuana? Deschedule? Legalize weed? Main takeaways on Biden's cannabis news

On Tuesday (April 30th), the Associated Press reported that the Drug Enforcement Administration was preparing to formally recommend rescheduling marijuana as a Schedule III drug. And just 24 hours later, three leading Democratic senators announced plans to reintroduce the Cannabis Administration and Opportunity Act, a comprehensive bill that would end the federal prohibition on marijuana.

"Reclassifying cannabis is necessary and it's a long overdue step. But it is not the end of the story. It's not all we need to do," said New York Sen. Chuck Schumer at a press conference on Wednesday. "It's time for Congress to wake up to the times and do its part by passing the cannabis reform that most Americans have wished for. It's past time for Congress to catch up with public opinion and catch up with science."

So, the DEA is rescheduling marijuana. What does that mean for me?

In short? Not much - especially in New Jersey.

For example, you still can't light a joint in a national park. And those with a marijuana conviction could still be disqualified from federal housing, food benefits and face deportation, according to the Drug Policy Alliance, which advocates for U.S. drug policy reform. And it's still a felony to transport drugs across state lines, even if you're traveling between two states with legal weed laws, like New Jersey and New York.

Then why bother rescheduling marijuana at all?

It's a pretty huge first step, even if it's mostly symbolic.

Rescheduling marijuana as a Schedule III drug is a monumental moment in U.S. drug policy history. Cannabis has been listed as a Schedule I drug - with no medicinal value and a high potential for addiction - for over 50 years, and that status served as the basis for decades of the War on Drugs.

That doesn't mean rescheduling isn't without benefits. Cannabis businesses will no longer fall under Section 280E of IRS tax code, which prohibits businesses involved in the "trafficking" of Schedule I and Schedule II substances from deducting "ordinary and necessary" business expenses from their taxes. That could result in lower prices for consumers and, at the least, make it easier for cannabis entrepreneurs to open and stay in business.

Schedule III also, technically, allows for the medical prescription of cannabis - like other Schedule III drugs, such as ketamine, testosterone, anabolic steroids or Tylenol with codeine.

What's the difference between rescheduling and descheduling?

Schedule I drugs, like ecestasy, heroin and LSD, are determined to have no medicinal value with a high potential for addiction. Marijuana is getting rescheduled as a Schedule III drug, which means it has medicinal value witih a low to moderate potential for addiction.

Marijuana legalization advocates are calling for the Biden Administration to instead completely remove cannabis from the Controlled Substances Act - to "deschedule" it entirely.

Continue Learning About This Historic Move Here