US to reclassify marijuana as less dangerous drug in historic shift
Al Jazeera
Shares of cannabis companies surge as much as 80 percent after move to classify drug as schedule three substance.
The United States has moved to reclassify marijuana as a less dangerous drug in a historic shift that has sent shares in cannabis firms soaring.
The US Justice Department’s recommendation on Tuesday that cannabis be classified as a schedule three drug – the same as ketamine and Tylenol with codeine – does not legalise recreational use outright, but opens the way to lighter punishments as well as greater private investment tax benefits for the industry.
Cannabis firms are currently prevented from deducting normal business expenses at tax time due to the drug’s classification as a schedule one on par with heroin and LSD.
Shares of Canada’s Canopy Growth Corporation and Cronos Group surged 80.02 percent and 15.71 percent, respectively, while US-based Cronos Group jumped nearly 40 percent.
The proposed change, which follows a review initiated by US President Joe Biden, will be subject to approval by the White House Office of Management and Budget, a period of public comment, and review by an administrative judge before taking effect.
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