根据美国司法部发布的公告，今天启动的公众意见征询程序，Source: Finance Federation Author: Shi Zhengcheng
① According to the definition of the US Federal Controlled Substances Act, marijuana is currently in the first-level control category, which refers to substances that have not been accepted for medical use, have a high potential for abuse, and lack guarantees of safe use; ② Biden emphasized that the policy to reclassify marijuana was carried out at his request; ③ even if marijuana is eventually introduced into Class III substances, it still needs to be regulated by law.
Financial Services Association, May 17 (Editor Shi Zhengcheng) On Thursday local time, the US Department of Justice officially published an article in the Federal Register announcing the commencement of a procedure to adjust marijuana control ratings. As soon as the news came out, it also drew intense attention from the US stock market and the White House (especially Biden).
According to an announcement issued by the US Department of Justice, the public comment process that began today aims to adjust marijuana from the most serious level 1 (Schedule I) of the US Federal Controlled Substances Act to Level 3 (Schedule III). According to this act, which is more than 50 years old, there are a total of 5 classes of controlled substances. So even after adjustments, marijuana is still a controlled substance.
According to the definition of the US Federal Controlled Substances Act, the current Schedule I of marijuana refers to a substance that has no accepted medical use, has a high potential for abuse, and lacks a guarantee of safe use; the definition of Schedule III indicates that the substance has accepted medical uses and that may cause moderate/low physical dependence or high psychological dependence during use. Prescription sedatives and anxiolytics are in a lower category.
Following the release of this news, there have also been some ripples in the US stock market. As of press release, Chinese investors may still vaguely remember Tilray's rise of nearly 5%, Aurora Cannabis up more than 10%, and Canopy Growth rising 15%. However, it is clear that these stocks can no longer be compared to their heyday. Currently, they are all mini stocks with a market value of hundreds of millions or 1 billion US dollars, and the stock price is not even 1% left compared to the historical high of three years ago.
Biden actively invites praise
According to the rules, the Department of Justice will enter a 60-day public comment period after an article is published in the Federal Register. Next, the US Department of Justice and the Drug Enforcement Administration will make the final decision.
Therefore, the US Department of Justice specifically emphasized that until the final rules are issued, marijuana is still a Class I controlled substance. According to US government data, about 30% of marijuana users have a usage disorder, which means that marijuana use interferes with their relationships, work, or daily lives.
After the Department of Justice published the documents, US President Joe Biden immediately posted a short video emphasizing that the policy on reclassification of marijuana was studied by the Department of Health and the Department of Justice at his request, and finally proposed a re-classification.
Of course, some US media also said that in the context of Biden's re-election campaign, the push for marijuana policy adjustments also has the intention of attracting specific groups.
What will happen later?
According to previous expectations, after public consultation, the US government may need to hold another administrative hearing, but it will not involve Congress. Congress has the power to overturn rule adjustments through a review bill, but this requires majority support from both houses of the Senate and the House of Representatives and Biden's signature — a situation where this is unlikely.
If all parties move fast enough, this series of adjustments may be completed before the end of the year, and the new regulations may come into effect by the end of 2025. There is a huge uncertainty involved here. If Trump wins this year's election, can this policy proceed smoothly?
What needs to be clarified is that even if marijuana is eventually transferred to Class III substances, it still needs to be regulated by law.
The US FDA has not yet approved the use of marijuana to treat any disease. The only thing that is similar is that it has approved an anti-seizure drug, the active ingredient of which is cannabinoids. In US judicial practice, some states that authorize the medical use of marijuana will allow people with specific diseases to buy marijuana, provided they get “advice” from a doctor — in theory, Class III substances can be used as prescription drugs, but the prerequisite for inclusion in prescriptions is approval from the FDA.
edit/lambor
