Cannabis reclassificationUnites States

The US government is preparing to change the classification of marijuana, which would ease federal restrictions, according to The Washington Post.

In response to this news, shares in major US cannabis companies soared by 20% to nearly 40%. The reclassification would allow these companies to access traditional financing from financial institutions.

Under the US Controlled Substances Act, cannabis is considered a Class 1 drug, the most restrictive category, alongside heroin, LSD, and MDMA, among others. Class 1 is defined as “substances with a high potential for abuse, no accepted medical use, and no recognized safety.”

The executive order would reclassify cannabis from a Schedule 1 substance to a Schedule 3 substance, representing a lower risk of abuse and dependence, and would place it alongside common prescription painkillers such as codeine, steroids, and ketamine.

According to a CNBC source, President Trump could sign this executive order as early as next Monday.

SOURCE: Les Affaires