Congressman Earl Blumenauer, a Democrat from Oregon and co-chair of the Congressional Cannabis Caucus says he's disappointed the U.S. Drug Enforcement Administration (DEA) chose to delay rescheduling of marijuana.

"It is incredibly disappointing to see the DEA drag their feet on an issue which has been a clear White House priority," the top Democrat said on Tuesday.

The move would likely result in pushing any decision on the matter until after the 2024 election.

Yet, Blumenauer remains optimistic.

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"While I would have preferred to see rescheduling finalized before the election, we still have every reason to believe that it will happen before President Biden leaves office," he said. "I also have every hope that because of our work together, soon-to-be President Harris will take further steps to rationalize cannabis policy and end the failed war on drugs."

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What Happened

On Monday, the DEA announced a delay in rescheduling marijuana. The agency said it would hold an administrative hearing on December 2 when it is expected to gather factual evidence and expert opinions to determine the appropriateness of reclassification. The DEA obtained over 40,000 requests for a hearing on the proposed rule making, which seeks to reclassify marijuana from Schedule I to Schedule III.

The notice, signed by DEA Administrator Anne Milgram, said that after the agency received notices of intent to participate in the hearing, she would assess them and decide, as reported by Benzinga's Nicolás Jose Rodriguez earlier this week.

The cannabis market was quick to react to the regulatory news with AdvisorShares Pure US Cannabis ETF (NASDAQ:MSOS) dropping over 10% in early trading on Tuesday, while individual cannabis stocks also saw declines.

In the meantime, Blumenauer earlier said moving marijuana from Schedule I to Schedule III is "far from sufficient," and that more needs to be done in terms of cannabis reform.

"While Schedule III ends criminal penalties attached to Schedule I for marijuana offenses, it does not end mandatory minimums specific to marijuana as a controlled substance or other federal criminal penalties for possession, production, or distribution," Blumenauer said earlier this year.

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