(This story was updated with additional comments and details at 5:48 p.m. ET.)
The disclosure Wednesday that top Biden administration health officials this week officially recommended marijuana be reclassified from a Schedule 1 substance to Schedule 3 – the same category as Tylenol with codeine – was hailed as the biggest development in MJ policy reform in more than 50 years.
Marijuana investors concurred, boosting stocks of major U.S. cannabis companies approximately 20%.
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“It’s historic. It’s the biggest thing that’s happened in cannabis reform at the federal level, ever,” Shane Pennington, a partner at Washington DC-based law firm Porter Wright, told MJBizDaily in a phone interview.
While much more needs to happen before tangible effects are felt – including a separate U.S. Drug Enforcement Administration review and, possibly, a judicial review –the health officials’ statement that cannabis has medical value remains “a game changer,” Pennington noted.
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